Blockbuster was once the largest movie rental company in the country before digital services such as Netflix and others began to seriously encroach on its turf. Blockbuster was forced to close many of its stores around the country and eventually filed bankruptcy. Satellite TV company Dish Network purchased Blockbuster in 2011 for $320 million.
Dish Network announced this week that it would be closing 160 Blockbuster locations in the UK as the company entered administration. Dish Network is also closing an additional 300 Blockbuster stores within the United States in the coming weeks. Dish Network spokesman John Hall announced on Monday that the store closures would result in 3000 employees losing their jobs.
Dish says that the stores being closed are locations that are underperforming or those nearing the end of their lease. Of the stores being closed, 26 are located in Colorado. Hall said that Dish Network will continue to analyze store-level profitability. That likely means more store closures are coming.
Hall also stated that the location of the stores that will be closing in the coming weeks haven't been announced. However, the employees who will be losing their positions have been informed. Those workers were told of their fate on Friday. Dish says that the store closures will happen over "a period of time" as many leases are ending.
[via Denver Post]