Blockbuster closing over 900 stores

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.

www.cbsnews.com...

Sign of the times.
I can't remember the last time I rented a movie.
With the internet and all the video and streaming services available, I don't see the movie store business model surviving the next decade.

Don't surpise me..what dose surprise is that its takin this long for it to happen. I used to rent videos all the time, remember Global Video? The Internet has killed the Video rent business (along with alot of other things). Also take into account the economic situation the world was going through in the last year.


Tsom87

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]

That will be a LOT of unemployed teenagers and adults who live in their mom's basement making minimum wage.

I haven't been to the video store in years ever since I got On Demand on my cable system. Hmmm drive to Blockbuster and hope the movie I want is there and pay $4.25 to rent it. Then remember to return it and if I forget it's like $10 in late fees. Or rent a movie on demand for $4.99 and sit back and relax. No traveling, no late fees, always in stock!

I am surprised that it has taken them so long to do this. They climbed on the by mail rental bandwagon several years ago. They should have started closing stores then.

I still remember the early days of video rental. We paid $50 for a lifetime membership in a family business that has long been extinct. They stocked Vhs and Beta and kept the adult flicks behind a curtain. Nothing like running into a neighbor behind the curtain. "Hey Mr. Jones, I hear "Edward Penishands" is a good flick tell the Mrs. I said hi.".

Blockbusters time has come.

Good riddance. I hate Blockbuster.

I moved to a different city, and at the Blockbuster I used to go to in my old town apparently I had $10 in "restocking fees". They sent it to a collection agency.

They must be pretty desperate for money when the send $10 to collections.

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.

You can't browse content-rich sites in a meaningful manner unless you have broadband. The reason they hung on for so long was that apparently poorer segments of the population don't have that or didn't until recently.

I subscribed to Blockbuster online service for over a year. It was great, $17.99 per month-3 movies at a time-either mail them back or return them to the store and exchange for 3 movies there if you wanted and they would still send you the next 3 in your online queue immediately.

After about a year it went to $24.99 per month, you could only exchange 2 movies per month at the store and the service started taking sometimes more than a week for your next movies to be delivered.

I then moved to Netflix and they receive the movies I mail the next day and send out new ones that day as well so I am never without rentals for more that a day or 2 at the most.

A few weeks ago we decided to go to Blockbuster for a specific movie. They had so many free or reduced rental promotions going on that after we left the store my girlfriend looks at me and says "they must be losing a lot of business to be offering all of that"
I find it humorous that they jacked up their prices for so long that people went elsewhere.

My opinion this is not so much to due with the economy, just with what everyone else has already said.
Netflix is way better, you can stream movies and shows, you have On Demand now, etc.
It is just an outdated service.

Although it will leave people laid off.

I also quit Blockbuster many years ago because every single time I rented movies I was accused of not returning them either on time or a few times not at all! This galled me because I was very diligent about returning movies exactly when I was supposed to -- usually having not watched a few I had rented. While trying to sort out why they thought I hadn't returned my movies, I would have to talk to rude teenagers. It was simply not worth the stress or hassle to rent movies. I either buy the DVD or rent them from my cable company if I care to watch a movie.

In fact, there may be a undeserved fine from 7 or 8 years ago in my name that I never paid.

The future world scares me, as not just small business's but corporations are beginning to shut down.

Forget the one world government, .... were going to have a one world superstore.

More and more things will be handled through mail and informal automated vending machines. Customers no longer people, but numbers.

As Walmart grows and grows, companys merge and destroy, ...... and you bastards are selling your kids up the river so you can save a buck.

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]

I use Netflix also, and I just want to say it's great. Any movie you want in any genre practically can be sent to your door, I live in Tucson, AZ and the nearest facility to me is in Phoenix, AZ, so it's ridiculously close by, and my movies get to and from there very very quickly.

But not only that, they also have an instant play section, which can be used for free at any time online.

I even now have it hooked up to my xbox 360. I am watching a documentary right now called American Pimp on Netflix.

I no longer have cable; Netflix has changed my life for the better. I used to have a DVR, which I loved, but Netflix is now my favorite, the variety is great, and the service too.

So of course Blockbuster is losing stores, it will continue to do so until it's death as a viable business, which it is already in the final throes of.

Good riddance, to bad customer service, bad selection, bad late fees, bad overprices candy and popcorn, bad carbon emissions from my car as I drive to and from Blockbuster.