"In other words, we found a way out of paying our debts for bad business decisions and will use this method as a way to regroup and figure out how we can keep this sinking ship afloat and copy a business model that works such as Netflix".
Gene's quote sums up my thoughts too. They made poor decisions and when they made decisions at all, they were too late and implemented poorly. This filing proves that you can be a huge company, with billions of dollars in assets, and still fail miserably.
Just five years ago, management probably thought they could control the market and crush any competition. They obviously weren't paying attention to the market. However, the decision makers will probably keep getting paid like the company is successful.
I've been a Netflix customer for about seven years and love the service but I also like the choice of occasionally renting something from the video store. The poor decisions of Blockbuster, Hollywood Video, Movie Gallery etc. have ruined that option for me. They didn't understand that they're current business model was in decline and should have scaled back they're stores a long time ago and adapted to the changes. Now their investors, employees and customers will feel the loss. As, much as I love Netflix, I don't want just one option in the marketplace. Redbox only has a few new release titles and that won't cut it. I also don't want to stand at a vending machine waiting in line.
