It’s been roughly three or so months since SAAB filed for bankruptcy. In addition, Saab Cars North America shut its dealerships down, forcibly. With the bankruptcy, many cars were left in limbo, caught between sale and repossession, we suppose. Though we’re not all entirely sure as to how the legalities work in this case, all we know is that there more than 900 SAAB vehicles on the Jersey Coast.
Though we've never been SAAB fans, it's saddening to see these cars left and exposed to the Jersey grossness. The sobering part of this is that these are the last of the SAABs to hit US soil, or that of which were produced. In any means, fan or not, these cars deserve a proper farewell or a home at best. On second thought, anyone down to go to Jersey and rescue a few SAABs? Follow the jump to see more pictures.
Read More | Found Our Own Road
In a somewhat surprising move, DISH Network said Wednesday that the company had been selected as the winning bidder in BlockBuster's bankruptcy auction, and will acquire BlockBuster's assets for about $228 million after various cost adjustments.
The total bid was $320 million, DISH said. The acquisition is expected to be completed during the second quarter, the companies said, if the bankruptcy court approves the deal.
DISH, a satellite provider, didn't say why it wanted to acquire BlockBuster, with 1,700 physical stores and a streaming service on top of it. But DISH has recently made moves to acquire licenses to content, enhancing its video-on-demand services with a deal with EPIX on Tuesday to bring its movies to DISH's online service, DISHOnline. DISH extended remote streaming to the iPad in December.
Adding a chain of stores and BlockBuster's existing relationships with content providers will help facilitate DISH's transformation into more of a provider of on-demand content than simply a "linear" provider of scheduled broadcasts.
As part of the bankruptcy, Borders will be closing something like 200 of their stores.
I already get my books from Amazon, but with my local Borders closing, where the heck am I going to get my coffee?
[Artwork: Too Much Coffee Man © Shannon Wheeler]
What’s the easiest way for a behemoth of a company, like Blockbuster, that seemingly owns its market segment to die? Being unwilling to change with the times. Note, I said unwilling, not unable. With the amount of money that Blockbuster was bringing in during the VHS-to-DVD transition, you’d think that they’d have better planned for the future—especially when Netflix arrived on the scene 13 years ago. Instead, the company was too brash and egotistical to realize that their business model would be in need of a major overhaul, and now they are paying for it. Today Blockbuster filed for bankruptcy. At this point, they don’t plan to shut down any stores or anything…but hey, Hollywood Video went bankrupt this past February, and a few months later, they shuttered operations completely. Just looking at what Blockbuster currently offers by way of online on-demand viewing, we wouldn’t be surprised (although we’d be saddened) if they were gone within 24 months.
What do you think? Any Blockbuster die-hards still around out there?
Read More | Ars
Moody’s Investors Service says that there may be 25 large company bankruptcies this year. Ratings from them and other sources came up with a list of those that are feeling the pinch. Sirius, Chrysler, Six Flags, Blockbuster, Rite Aid, and our beloved Krispy Kreme are all at risk of going under. Most of the companies have limited cash, large debts with huge interest payments and little chance of refinancing. While some of this may be inevitable, we suggest you go out and buy American. Treat your family or office to a dozen donuts or a trip to the amusement park.
Read More | Microblog Buzz
Circuit City just couldn’t save itself by selling off some of their stores and cutting back on employees during the last couple of months. They have filed for bankruptcy, making them the largest retailer to do so since Kmart in 2002. Reasons given include tougher vendor credit terms, a decrease in cash, and less consumer spending in their 556 outlets. They have even gone so far as to post a “We’re sorry” note on their site from CEO Jim Marcum. It may be a tough road back for the electronic chain and, while we hate to be blunt, while watching our local news we noticed that shoppers were grabbing some discounted items with glee.
Read More | Reuters
Circuit City is undergoing the same economic crunch most of us are. They are now thinking about closing at least 150 of their 712 stores. Thousands of jobs will be lost in an effort of the company to hold off Chapter 11 bankruptcy. The Wall St. Journal reports that it is working with an investment bank to help them out before the upcoming holiday season. We expect this will not be the last retailer, electronics or otherwise, to feel the pinch in the weeks to come.
Read More | Wall St. Journal
You may have already heard that Sharper Image and the cheesy Lillian Vernon filed for bankruptcy because of a loss of sales, increased competition, and a bad credit market. We think that maybe it was because people just tired of overpriced air filtering systems or items that resemble fish. Because gift cards from Sharper Image are now worthless, Brookstone, in either a magnanimous gesture or looking to increase their own sales, have offered a 25% discount for anyone who brings one in. The offer does not include Bose, Panasonic, or Sony products.
Read More | Reuters