by Christopher Freeburn | November 7, 2013 8:44 am
It appears that the long decline of once-popular video rental chain Blockbuster has finally reached it end.
By January, the last 300 Blockbuster stores still open in the U.S. will be shut down. In addition the store closures, Blockbuster will also end its DVD-by-service next month, USA TODAY notes.
The struggling chain — slammed by the rise of Netflix (NFLX) and digital download services like Apple’s (AAPL) iTunes and Amazon’s (AMZN) Prime — was acquired by Dish Network (DISH) for $320 million during a 2011 bankruptcy auction.
Dish had planned to leverage Blockbuster to promote its own home-streaming business, but those plans were frustrated by quickly escalating competition from more established rivals.
All that will remain of the one-time video rental titan, which gobbled up smaller video rental chains in the 1990s, will be its Blockbuster on Demand, digital streaming service. Blockbuster had closed 300 other stores earlier this year.
Shares of Dish Network were flat in Thursday pre-market trading.
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