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Blockbuster is planning to close as many as 960 stores by the end of next year. That would shrink the video rental chain by more than 20 percent as it struggles against stiff competition from Netflix and Redbox.
The store closures disclosed in documents filed Tuesday show that Blockbuster is having to cut much deeper than it anticipated to save money and keep its lenders happy.
Blockbuster now expects to close between 810 and 960 of its U.S. stores through 2010, up from the 380 to 425 stores that normally would be closed. If Blockbuster hits the high end of the new target for store closures, it will represent 22 percent of its 4,356 U.S. stores.
The Dallas-based company has closed 276 stores so far this year.
Originally posted by jibeho
I am surprised that it has taken them so long to do this. They climbed on the by mail rental bandwagon several years ago.
Originally posted by seagull
Netflix is far superior. Don't have to drive...they nearly always have the video I want (unlike Blockbuster), I don't get the stupid, "your rental is late" call at 8 PM...
I worked for blockbuster for about eight months back in the early nineties as an assistant manager...not the most fun I've ever had. They came first, not the customer...and other assorted customer unfreindly aspects...is it any wonder that if something better came along, people would jump at it? I'm not surprised in the least.
Edited for spelling.
[edit on 9/16/2009 by seagull]