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Blockbuster closing 300 more stores. Why?

Blockbuster closing 300 more stores and laying off about 3,000 employees. The latest Blockbuster closings will leave Dish TV with about 500 Blockbuster stores nationwide.

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Dish Network, the owner of Blockbuster, says it will be closing 300 more stores this year. At left, a Blockbuster sign in London, where the chain is in bankruptcy proceedings.

REUTERS/Paul Hackett

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Dish Network Corp. says it plans to close about 300 Blockbuster stores across the country, losing about 3,000 employees.

Company spokesman John Hall told The Denver Post on Monday that the closures will leave about 500 Blockbuster locations in the U.S. Blockbuster is owned by Dish Network.

Dish Network last year also shuttered about 500 underperforming Blockbuster locations. Hall says the stores that will be closed in coming weeks are either underperforming or nearing the end of their leases.

"There have been store closures" in the past, Hall told The Denver Post.. "Really, from the time of acquisition there has been a strategy to evaluate stores on a case-by-case basis in an effort to look at their production."

 

He says the 3,000 employees were informed about the latest closures on Friday. The store locations have not been announced.

Colorado-based Dish Network in March 2011 bought the then-bankrupt video rental chain for $320 million. It plans to move Blockbusters' headquarters from Texas to Colorado's Douglas County.

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