Blockbuster CFO Resigns
Posted By Stone Law Firm on Sep 16, 2010 2:46pm PDT
This week, it was announced that Blockbuster's CFO for the past three years, Thomas Casey, has resigned his position.
According to Businessweek, the resignation was agreed upon by the company and Casey, who left his post on September 11th after renegotiating the terms of his severance package.
For months, it has been rumored that the video store giant is near a bankruptcy filing as its debts have reached an astounding $1 billion. The company has also closed down hundreds of its video stores across the country and has been facing pressure from subscription services such as NetFlix.
A recent report from the Dallas Business Journal said that Blockbuster may file for Chapter 11 bankruptcy protection at the end of September 2010.
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