Blockbuster Closing Remaining Stores
Blockbuster’s current owner, DISH Network Corp., said it will close the remaining 300 corporate owned stores by early January. Digital and on-demand entertainment have decimated the video rental chain. There will be about 50 U.S. stores operated by franchises not affected by the announcement. DISH said it is also closing all its U.S. distribution centers.
DISH will retain the licensing rights to the Blockbuster’s vast video library and its brand. DISH Network Corp., said it will focus on the streaming and on-demand services currently offered to customers.
Blockbuster had filed for bankruptcy and was purchased by DISH in a bankruptcy auction for $320 million as a way for the DISH to expand its offerings and compete against Netflix.