Blockbuster, the world's biggest movie-rental chain, filed for bankruptcy protection this morning.
The long-anticipated move was prearranged with bondholders and will allow the Dallas-based company to reorganize and reduce its massive debt.
Blockbuster, which has 20 locations in the Triangle, said its 3,000 stores in the U.S., DVD vending kiosks, by-mail and digital businesses will all continue to operate normally. In this region, Blockbuster Express is installing its kiosks in retailers such as Kerr Drug, Sheetz and Rite Aid.
Still, filing for bankruptcy "will enable (Blockbuster) to break the leases" on its stores, Kenneth Latz, director of the New York office of financial restructuring firm Conway MacKenzie, told USA Today.