After several poor decisions related to their DVD-by-mail program, and accruing a debt valued at $900 million, Blockbuster files for Chapter 11 bankruptcy. Over the next year, they would begin closing stores from their 3,300 store chain. Unable to meet the terms of their filing, the company is auctioned off to Dish Networks on April 6th, 2011 for $320 million. The remaining opened stores would continue to close.
Blockbuster Files Chapter 11 Bankruptcy
