The Globe And Mail reported that Blockbuster Canada has gone into receivership.
It appears that when Blockbuster restructed in the United States in September 2010 they had used the profitable Canadian operation as collateral. And now the studios have decided to sell Blockbuster Canada to recoup some of their losses.
Blockbuster Canada had issued a statement last September that their operations would be unaffected by the restructuring of the American operation. But had in April issued a notice to customer that they would not be issueing gift cards or Blockbuster Rewards memberships by April 30th, 2011.