Bankruptcy

Blockbuster Goes Belly Up

The block is officially busted: Blockbuster filed for Chapter 11 on Thursday, done in in part by the rise of Netflix and Redbox. The company, which was founded in 1985 and helped popularize the VHS, will continue to operate its 3,000 U.S. stores for the time being. Billionaire Carl Icahn will captain the effort to save the company.