Blockbuster to Close 500 U.S. Video Rental Stores

posted on 2012-02-27 23:55 EST

Joe Clayton, CEO of Dish Network, announced on Friday that his company would close an additional 500 Blockbuster Video stores in the first half of 2012. Clayton stated that underperformance, store size, and landlord flexibility as issues in determining which stores would be closed.

Dish Network purchased the bankrupt video rental and sales chain last year. The closures would reduce the chain to roughly 1,000 locations. The chain has been breaking even in the last three quarters, according to Dish Network's financial statements.

Source: ICv2

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