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L.A. Times: Blockbuster to file Chapter 11 next month

Updated Dec 19th, 2018 6:47PM EST

The Los Angeles Times is reporting that the once mighty Blockbuster will file for bankruptcy as early as next month. The Times quotes anonymous sources “familiar with the matter” in the report and explains that the filing could take five months and see 500 to 800 retail outlets closed. The company is seeking protection under Chapter 11 in order to restructure their current debt-load of roughly $1 billion (that’s billion with a “b”). The bankruptcy is being described as pre-planned, and most of Blockbuster’s creditors will have some sort of deal in place with the company when the filing is made official.