Blockbuster Dumping 150 Store Leases25 Mar, 2011 By: Erik Gruenwedel
Fiscally challenged Blockbuster Inc. said it is ridding itself of about 150 retail leases, according to filings with U.S. Bankruptcy Court in New York. The leases, which include Blockbuster stores in California, Florida, Texas and New York, have been or will be vacated in the near future.
Dallas-based Blockbuster, which filed for bankruptcy last September, has cancelled or shuttered nearly 300 leases/stores since the filing. The chain put itself up for auction Feb. 21.
A U.S. Bankruptcy judge will hold a hearing on the auction sale April 7. Objections to claims incorporated in the sale, including elimination of third-party liens and claims must be filed by March 31.