The Dish Network, which operates the Blockbuster video store chain, announced in a regulatory filing that it is planning to close 100 more Blockbuster outlets by the end of October. Earlier this year Dish announced the closing of 300 Blockbuster outlets (see "Blockbuster to Cut 300 More Stores"). Blockbuster reported a loss of $5 million for its second quarter, which ended on June 30th. Q2 revenue was down to $120.6 million from $253.3 million for the same period last year due in part to continued store closings and the spin-off of Blockbuster UK.
Second quarter dips in revenue are typical in the video rental business where traditionally the first and fourth quarters have proven to be stronger. Dish says that it will continue to evaluate the remaining 350 Blockbuster outlets going forward. At its height back in 2004 the mammoth Blockbuster chain included 9000 stores in 17 countries that employed over 60,000 people.
Chain Will Be Down to 350 Outlets By November
Posted by ICv2 on August 7, 2013 @ 11:31 am CT
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