Still business as usual at Blockbuster Canada
U.S. counterpart filed for voluntary bankruptcy Thursday
TORONTO -- No worries, says Blockbuster Canada, after its Blockbuster stateside filed for voluntary Chapter 11 bankruptcy (HR, 9/23).
"Blockbuster Canada operates independently of the U.S. and is financially stable. We have the assets and cash flow to execute our business plan," Barry Guest, vp and general manager of Blockbuster Canada said in a statement.
Blockbuster Canada, Canada's largest video store chain, operates separately from Blockbuster stateside, and its 440 outlets countrywide will continue business as usual.
Vendors in Canada should not expect any changes in how Blockbuster Canada does business with them. Invoices will be paid in the normal and ordinary course, and we expect no interruptions in the delivery of goods and services from our vendors, Guest said.
And Steven Dorman, president of Universal Studios Home Entertainment Canada, in his own statement said his studio would continue to supply Blockbuster Canada with product, business as usual.
Not that Blockbuster Canada is insulated from industry pressures.
The Canadian unit in late July introduced a monthly movie rental pass on news Netflix was coming north with its online video streaming service, which launched Wednesday (HR, 9/22).
Blockbuster Canada said Canuck customers can now receive an unlimited DVD movie rental pass for $9.99 a month, excluding Blu-Ray or new movie releases.
And only one movie disc can be taken out at one time.
Netflix Canada now offers Canadians unlimited downloads of movies and TV shows from studio libraries for $7.99 a month, contingent on the U.S. online streaming giant securing the Canadian rights.
Netflix doesn't plan to offer a DVD-by-mail service in Canada.
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