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Yep, Blockbuster is declaring bankruptcy

As predicted a few weeks ago (and really, since the dawn of Netflix and streaming video), former tape-rental titan Blockbuster has filed for Chapter 11 bankruptcy, hoping to cut its debt from nearly $1 billion down to a sustainable, apparently, $100 million. In the meantime, Blockbuster is said to be continuing “business as usual,” which has obviously worked out great for the last decade or so. It will, however, “evaluate the profitability of its retail locations.” Not to be flip here, but we’d argue that declaring bankruptcy already says everything you need to know about that.

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