Thursday, December 17, 2009
Blockbuster stores in Roanoke, New River valleys to close after franchise files for bankruptcy
A Maryland franchise company that owns eight soon-to-close Blockbuster stores in the Roanoke and New River valleys is in bankruptcy.
Bay Management, a limited liability company in Phoenix, Md., filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court for the District of Maryland this past summer. This filing later was converted to a Chapter 11 case.
The total amount of the company’s debts is unclear. Its creditors include the city of Roanoke, the towns of Vinton, Christiansburg, and Blacksburg, and Botetourt County, according to court documents.
Bay Management owns Blockbuster stores in Roanoke, Roanoke County, Salem, Daleville, Vinton, Martinsville, Blacksburg and Christiansburg. It owns 20 total Blockbusters in Virginia, including those in the Roanoke and New River valleys.
All of these stores will close by Dec. 31, according to a December bankruptcy filing. Dallas-based Blockbuster is a video and movie rental chain.
"The Debtor has been unable to reach any agreements with any party or to continue to pay operating expenses," state court documents.
Still, signs posted at one of Bay Management’s Blockbuster stores on Electric Road in Southwest Roanoke County state that the store will close on Jan. 3. All movies, games, posters and fixtures are for sale.
Wednesday was the last day that customers could rent DVDs and games at this location.
A district manager for the Roanoke Valley Blockbuster stores did not return calls for comment.
Bay Management, a limited liability company in Phoenix, Md., filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court for the District of Maryland this past summer. This filing later was converted to a Chapter 11 case.
The total amount of the company’s debts is unclear. Its creditors include the city of Roanoke, the towns of Vinton, Christiansburg, and Blacksburg, and Botetourt County, according to court documents.
Bay Management owns Blockbuster stores in Roanoke, Roanoke County, Salem, Daleville, Vinton, Martinsville, Blacksburg and Christiansburg. It owns 20 total Blockbusters in Virginia, including those in the Roanoke and New River valleys.
All of these stores will close by Dec. 31, according to a December bankruptcy filing. Dallas-based Blockbuster is a video and movie rental chain.
"The Debtor has been unable to reach any agreements with any party or to continue to pay operating expenses," state court documents.
Still, signs posted at one of Bay Management’s Blockbuster stores on Electric Road in Southwest Roanoke County state that the store will close on Jan. 3. All movies, games, posters and fixtures are for sale.
Wednesday was the last day that customers could rent DVDs and games at this location.
A district manager for the Roanoke Valley Blockbuster stores did not return calls for comment.
