Blockbuster’s 2Q Profits Plummet, Elimination Of Late Fees Blamed…

Reuters:

Movie rental chain Blockbuster Inc. on Tuesday posted a quarterly loss that was more than double Wall Street's forecast as lackluster new video releases failed to attract consumers.

The largest U.S. home video and DVD rental company also said it was no longer on track to meet its 2005 financial forecast and said it has reached an agreement with creditors to waive certain debt covenants for the second and third quarters. Without the waiver, the company would have been in default, Blockbuster said.

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