Blockbuster files for bankruptcy; Hawaii stores remain open - Hawaii News Now - KGMB and KHNL

Blockbuster files for bankruptcy; Hawaii stores remain open

HONOLULU (HawaiiNewsNow) - Hawaii's blockbuster stores will stay open while the company goes through bankruptcy. Blockbuster filed for Chapter 11 bankruptcy protection Thursday. The troubled video rental chain hopes to reduce its nearly one billion dollar debt.

There are 20 blockbuster locations in Hawaii. The Koko Marina store just closed on September 17. For now, Blockbuster will continue to operate its 3,300 U.S. stores, although analysts expect hundreds of them to close under new owners led by billionaire investor Carl Icahn. The Dallas-based company has about 25,500 employees, including 7,500 full-time workers.

Blockbuster has been struggling for years as more people rent movies from DVD-by-mail services like Netflix or via cable TV video-on-demand.

Copyright 2010 Hawaii News Now. All rights reserved.

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