Blockbuster Closing Remaining Stores

In early November, the company that introduced America to many stay at home movie nights announced that it will be closing its remaining 300 United States stores. By March 2014, you will not be able to find a Blockbuster anywhere in the United States.

Also, it’s mail in DVD service, which was Netflix’s competitor will also be shut down.

For years Blockbuster has been competing with Netflix, Redbox movie rental booths, cable’s video-on-demand,and online streaming services. Blockbuster had lost it’s touch that had made it so popular in the early 90’s.

Many customers claim that the stores had grown shabby and they became too reliant upon people’s late fees to make a profit.

The park of Blockbuster’s problems started in 2008, they filed for bankruptcy protection in 2010 after a deal fell through. Block Buster was attempting to buy out the Circuit City company for $1 billion dollars. Circuit City also disappeared because it lost its customers to competitors like Best Buy, Walmart, and Target.

Dish Network bought Blockbuster out of bankruptcy in 2011 for $320 million. The satellite-TV giant planned to use its stores to launch a wireless-phone business. That plan didn’t get regulatory approval fast enough, so Dish kept closing down stores. It now plans to continue Blockbuster@Home service for Dish subscribers and Blockbuster On Demand for streaming-video customers.

Dish Network released a statement claiming that all retail stores will be closed, the only ones that will remain open are franchised and licensed stores and most of them reside in Texas. Blockbuster mainly closed due to outdated stores and slow moving business resulting from online movie purchasing.