Blockbuster might file for bankruptcy

Things are looking bleak for Blockbuster. The former video rental giant is in the process of closing hundreds of its stores, and now it's finding itself in a massive financial hole.

The company filed its annual report on Tuesday, which stated that Blockbuster's liabilities were $314 million greater than its assets. In other words, the company owes more than it actually owns. This is not a good sign, especially when the company is already in the process of making massive cuts.

Will Greenwald

[Source: Consumerist]