Blockbuster will be holding an auction today to decide its new owner. This is coming after the popular video store chain recently filed for Chapter 11 bankruptcy.

The video store faced bankruptcy after it was unable to compete with online movie-rental companies, like Netflix. With this auction, Blockbuster will be able to continue as a business, however, it will be under new ownership. Those participating in the auction include Dish Network Corp and an investor named Carl Icahn, both of whom are vying for ownership of the company.

Money raised from the auction will also become part of the chain's estate to help it get out of bankruptcy. Following the auction, on April 7th, a judge will approve the new owner of Blockbuster.

If your business is facing financial problems, and you would like more information on Chapter 11 bankruptcy, please contact the Arizona Chapter 11 bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494.