The video rental chain that flourished in the 90’s is about to lose another 300 stores.
Recently, the Dish Network announced another move of downsizing for Blockbuster which will leave their total locations to about 500. Last year, the chain closed 500 locations as profits continued to drop. Blockbuster has been unable to compete with streaming video services like Netflix.
Dish acquired the company in 2011 for $320 million, but has seen more and more stores close throughout the last few years. It has not yet been confirmed which states will see their Blockbusters shut down first.
The AP Reports:
Company spokesman John Hall told The Denver Poston Monday that the closures will leave about 500 Blockbuster locations in the U.S. Blockbuster is owned by Dish Network.
Hall says the stores that will be closed in coming weeks are either underperforming or nearing the end of their leases.
He says the 3,000 employees were informed about the latest closures on Friday. Dish plans to move Blockbusters’ headquarters from Texas to Colorado’s Douglas County.