Things are looking bleak for Blockbuster. The former video rental giant is in the process of closing hundreds of its stores, and now it's finding itself in a massive financial hole.
The company filed its annual report on Tuesday, which stated that Blockbuster's liabilities were $314 million greater than its assets. In other words, the company owes more than it actually owns. This is not a good sign, especially when the company is already in the process of making massive cuts.
— Will Greenwald
[Source: Consumerist]
