Audio Video News

After denying it was considering bankruptcy, Blockbuster is closer than ever to calling it quits. According to a recent story in the Wall Street Journal, auditors from PricewaterhouseCoopers LLP said in a financial filing with the Securities and Exchange Commission that they had "substantial doubt about the Company's ability to continue as a going concern."

Faced with a mountain of debt that comes due in August, the filing acknowledged that Blockbuster is taking steps to preserve capital. For example, plans to revamp its stores with a new "Rock the Block" theme have been postponed, and advertising expenditures have been reduced.

Then there's the stiff competition from the likes of Netflix. Blockbuster has its own online rental service that it purchased in 2007, and last month it announced a partnership with TiVo to deliver movies to Internet-enabled TiVo boxes, though that service faces an uphill battle with Apple TV and the iTunes store.