Blockbuster to Close All 300 Remaining Stores

Blockbuster_logoI remember a time when I went to Blockbuster multiple times a week to grab a movie. You could scan the wall, see all your options, and then make a decision. The great thing about that store was if you wanted to watch a movie then, you could. But then they started to get expensive. Movies that were once 1-3 dollars were now 5+ and I became a lot more particular about when I went, because it had to be a movie I really wanted if I was willing to shell out 5 bucks.

Netflix and Redbox started to take over. While I love Redbox, they only have a limited amount of movies (mainly new), and you can’t just get anything you want. Netflix is great, but I don’t watch movies enough to pay extra on top of the streaming. On top of that, you have to wait a couple of days for it to ship to you.

After Hollywood video closed, Blockbuster was the last remaining video rental store. It was just announced that they will be shutting down the rest of their 300 stores. The Blockbuster By Mail service will end in mid-December.

The company is owned by Dish, and said that their licensed stores will remain open, and they will keep the licensing rights to the Blockbuster brand and all of it’s videos. Dish is now going to focus on the streaming and on-demand services that Blockbuster (apparently) has.

“This is not an easy decision, yet consumer demand is clearly moving to digital distribution of video entertainment,” said DISH President and CEO Joseph P. Clayton. “Despite our closing of the physical distribution elements of the business, we continue to see value in the Blockbuster brand, and we expect to leverage that brand as we continue to expand our digital offerings.”

Blockbuster filed for bankruptcy in September of 2010. It was purchased by DISH in a bankruptcy auction for $320 million the next year.

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About DevonJ140
I am currently an Accounting Director living in New York City. I love reading and learning more about business, finance, tech, and current events.

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