Quantcast

Plattsburgh Blockbuster flip flops on closure

Blockbuster Video in Plattsburgh will not be closing its doors.

Blockbuster Video in Plattsburgh will not be closing its doors. Photo by Stephen Bartlett.

In 2004, Blockbuster separated from Viacom and introduced online DVD subscriptions.

But by March 2010, Blockbuster was in talks of selling its European operations, issuing a bankruptcy statement that same month.

That September, Blockbuster filed for Chapter 11 bankruptcy due to significant losses, $900 million of debt, and competition from Netflix, Redbox and video-on-demand services.

Blockbuster planned to keep its 3,300 stores open but was expected to close more than 900 by the end of 2010.

That December, the company announced it would close an additional 182 stores by April 2011.

But when February 2011 rolled around, Blockbuster and its creditors had not come up with a Chapter 11 exit plan. The company could be sold and admitted it may face liquidation.

A month later, the U.S. Department of Justice recommended Blockbuster liquidate.

Dish Network won Blockbuster in an auction for $320 million, but it might only keep 500 stores open, compared to the more than 4,000 Blockbuster once operated nationwide.

Dish Network announced earlier this year it would close unprofitable stores, and other ones as the company regroups.

At its peak, Blockbuster boasted up to 60,000 employees.

Today, there are less than 900 stores nationwide.

0
Vote on this Story by clicking on the Icon

Comments

Use the comment form below to begin a discussion about this content.

Sign in to comment