Blockbuster to Close 300 Stores
Blockbuster Inc.(NEW YORK) — More Blockbuster stores are closing their doors for good.
“Blockbuster will close approximately 300 stores in the coming weeks,” Dish Network spokesman John Hall confirmed to ABC News.
Hall said the closures, which The Denver Post reports will leave 500 stores remaining in the U.S., will include outlets that are reaching the end of their lease, as well as those that had been underperforming.
Although Hall said Monday that Dish does “continue to see value in the Blockbuster brand and we will continue to analyze store level profitability,” he added the company will also continue to close unprofitable stores. Dish closed 500 stores last year, The Post reports.
Dish Network paid $320 million in 2011 to acquire the struggling video rental chain out of bankruptcy, according to The Post. Companies such as Amazon and Netflix, which offer inexpensive streaming video options to customers, have dramatically helped to slow Blockbuster’s in-store rental business in recent years.
The newspaper reports that Blockbuster’s latest outlet closures will affect about 3,000 employees.
Copyright 2013 ABC News Radio
Leave a Reply
You must be logged in to post a comment.