Blockbuster to close more stores

By Robert Kirchgassner ,

The video rental chain Blockbuster will close 300 more of its stores in the next few weeks.

The closing stores will result in the loss of roughly 3,000 jobs, according to CNNMoney.com.

The closing store's locations have not been revealed, but, according to Dish Network spokesman John Hall, Blockbuster will still have 500 stores in the U.S.

Dish purchased Blockbuster in 2010 after the chain declared bankruptcy.

"We continue to see value in the Blockbuster brand and we will continue to analyze store level profitability and -- as we have in the past -- close unprofitable stores," Hall emailed.

He added that some of those stores will close due to their leases ending.

Once the most successful rental chain in the country, Blockbuster has struggled in the past few years due to competition from such rivals as Redbox and Netflix. The latter also offers movies and television shows for digital streaming.

These competitors have led Blockbuster to create its own digital streaming services and rental kiosks.

But even those plans have been put on hold.

"Dish no longer has plans to use Blockbuster as a nationwide video streaming or DVD-by-mail service,” Dish CEO Charlie Ergen said in an Oct. 2012 interview with Bloomberg.



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