Bye Bye Blockbuster? Shares Tank 77%
Blockbuster (BBI) shares fell off a cliff today tanking 77% after a report was released saying the company had hired lawyers to explore filing for bankruptcy.
According to the Associated Press, Blockbuster “has hired law firm Kirkland & Ellis and is also working with investment bank Rothschild, said the source, who asked not to be named.”
The selling began at 2:01 PM EST and the stock bottomed at 2:09 PM EST. That is the fasted 50%+ fall we have seen in quite some time. Trading continued until continued until what looks to be 2:25 PM before being suspended.
The stock closed at $.21. Intraday chart below (5 minute intervals).
Does this mean bye bye for Blockbuster? If so time to cancel your Blockbuster All Access passes and pick up a subscription to Netflix (NFLX)!
