More Blockbuster Stores To Be Shut Down, Massive Job Cuts
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DENVER -- The video-rental chain Blockbuster plans to close about 300 stores across the country, losing about 3,000 employees. A company spokesman told The Denver Post on Monday that the closures will leave about 500 Blockbuster locations in the U.S. In 2011, the Dish Network bought then-bankrupt Blockbuster for $320 million.
Dish Network last year also shuttered about 500 underperforming Blockbuster locations. Spokesman John Hall says the stores that will be closed in coming weeks are either underperforming or nearing the end of their leases.
"We continue to see value in the Blockbuster brand and we will continue to analyze store level profitability and -- as we have in the past -- close unprofitable stores," said Hall in an email to CNNMoney.
The 3,000 employees were informed about the latest closures on Friday. The store locations have not been announced, though Dish says it plans to move Blockbuster's headquarters from Texas to Colorado's Douglas County.
Blockbuster, founded in 1985, used to be a dominant retailer, but in recent years, it has struggled as video-on-demand and video streaming services have become popular.
AOL Jobs contributed to this report.
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