It's no fun running a DVD shop these days.
Shares of Blockbuster
Owning Blockbuster has had as many twists as a Keanu Reeves action flick -- but ultimately with the same hollow performances. The chain's stock took a hit last month, too, after Blockbuster warned of "execution risks" in its turnaround strategy.
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Jockeying for bankruptcy isn't always fatal, but common-share holders need to be prepared for the likelihood of being wiped out if Blockbuster goes that route.
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At this point, Blockbuster probably needs a Liberty Capital, but who will be its sugar daddy? Rivals would simply gain market share in Blockbuster's absence. The company is doing some neat things in terms of kiosks and digital delivery, but its bread-and-butter business remains in stores, and this is something that no sane acquirer would consider.
The rub is that Liberty Capital had -- and has -- a legitimate interest in satellite-fueled broadcasting. NCR would step in only to save a brand name.
The next few days will be interesting. Blockbuster's annual shareholder meeting is now just a week away, and testy investors fearing that this may be the last yearly gathering are likely to be vocal.
Will Blockbuster file for bankruptcy protection this summer? Share your thoughts in the comments box below.