Blockbuster puts itself up for sale - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Blockbuster puts itself up for sale

DALLAS (AP) - Movie rental chain Blockbuster Inc. says a group of investors is offering $290 million to buy it out of bankruptcy protection.

The group includes funds that are creditors in Blockbuster. It's a so-called "stalking horse" bid, which Blockbuster hopes will attract other bidders who will offer more.

Blockbuster used to be the dominant U.S. movie rental chain. But it lost money for years as customers shifted to Netflix Inc., video on demand and DVD rental kiosks. It filed for bankruptcy protection in September.

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