You will be redirected back to your article in seconds

BV, Fox video holding bag after Kmart’s fall

Chain store files largest retail bankruptcy in U.S. history

Buena Vista Home Entertainment and 20th Century Fox Home Entertainment are among the 50 largest unsecured creditors listed in bankruptcy papers filed by Kmart Corp.

The nation’s No. 2 video sell-through retailer filed for protection under Chapter 11 on Tuesday in federal Bankruptcy Court for the Northern District of Illinois, in Chicago.

Disney’s homevideo arm is owed $56.3 million, according to the filing. Fox is owed $34.2 million.

Also listed among the 50 largest creditors is Handleman, a “rackjobber” that distribs music and vid products to sales outlets, which is owed $63.7 million. Gamemaker Nintendo is on the hook for $44.9 million

Kmart claimed 7% of the total video sell-through market last year, according to data compiled by Variety sister publication Video Business.

The filing by the 2,124-store chain is the largest retail bankruptcy in U.S. history. The discounter has been experiencing financial and operating difficulties since the middle of 2000, and has recently lost ground to competitors Wal-Mart and Target.

The retailer reported a loss of $224 million for the third quarter ended Oct. 31, the most recent period for which formal results are available. However, the chain reported that same-store sales fell 2.6% in November, and fell 1% in December.

Despite its difficulties, the sheer number of Kmart stores led most video suppliers to ship the retailer sell-through product for the fourth quarter.

More Biz

  • Directv Now

    AT&T Misses Q1 Targets, as DirecTV Now Streaming Service Hits 1.46 Million Subscribers

    Buena Vista Home Entertainment and 20th Century Fox Home Entertainment are among the 50 largest unsecured creditors listed in bankruptcy papers filed by Kmart Corp. The nation’s No. 2 video sell-through retailer filed for protection under Chapter 11 on Tuesday in federal Bankruptcy Court for the Northern District of Illinois, in Chicago. Disney’s homevideo arm […]

  • Russell Simmons

    Russell Simmons Rape Accuser Drops $5 Million Suit

    Buena Vista Home Entertainment and 20th Century Fox Home Entertainment are among the 50 largest unsecured creditors listed in bankruptcy papers filed by Kmart Corp. The nation’s No. 2 video sell-through retailer filed for protection under Chapter 11 on Tuesday in federal Bankruptcy Court for the Northern District of Illinois, in Chicago. Disney’s homevideo arm […]

  • Universal Music Group

    Empire Strikes Global Distribution-Services Deal With Universal Music Group

    Buena Vista Home Entertainment and 20th Century Fox Home Entertainment are among the 50 largest unsecured creditors listed in bankruptcy papers filed by Kmart Corp. The nation’s No. 2 video sell-through retailer filed for protection under Chapter 11 on Tuesday in federal Bankruptcy Court for the Northern District of Illinois, in Chicago. Disney’s homevideo arm […]

  • A Quiet Place BTS

    Viacom CEO Talks Paramount Turnaround, TV Production Growth But Stays Mum on CBS Talks

    Buena Vista Home Entertainment and 20th Century Fox Home Entertainment are among the 50 largest unsecured creditors listed in bankruptcy papers filed by Kmart Corp. The nation’s No. 2 video sell-through retailer filed for protection under Chapter 11 on Tuesday in federal Bankruptcy Court for the Northern District of Illinois, in Chicago. Disney’s homevideo arm […]

  • Branded Game Events, Escape Rooms Scale

    Immersive, Branded Game Content Scales Up With New Merger

    Buena Vista Home Entertainment and 20th Century Fox Home Entertainment are among the 50 largest unsecured creditors listed in bankruptcy papers filed by Kmart Corp. The nation’s No. 2 video sell-through retailer filed for protection under Chapter 11 on Tuesday in federal Bankruptcy Court for the Northern District of Illinois, in Chicago. Disney’s homevideo arm […]

  • Bill Cosby arrives for his sexual

    Jury Deliberates Bill Cosby's Sexual Assault Retrial

    Buena Vista Home Entertainment and 20th Century Fox Home Entertainment are among the 50 largest unsecured creditors listed in bankruptcy papers filed by Kmart Corp. The nation’s No. 2 video sell-through retailer filed for protection under Chapter 11 on Tuesday in federal Bankruptcy Court for the Northern District of Illinois, in Chicago. Disney’s homevideo arm […]

  • Brian Roberts Comcast

    Comcast CEO Brian Roberts: Sky Is a Great Opportunity but Not a 'Necessity'

    Buena Vista Home Entertainment and 20th Century Fox Home Entertainment are among the 50 largest unsecured creditors listed in bankruptcy papers filed by Kmart Corp. The nation’s No. 2 video sell-through retailer filed for protection under Chapter 11 on Tuesday in federal Bankruptcy Court for the Northern District of Illinois, in Chicago. Disney’s homevideo arm […]

More From Our Brands

Access exclusive content