Dish Network (Nasdaq: DISH) said Monday that it plans to close about 300 Blockbuster stores and cut 3,000 employees, which would leave the video rental chain with just 500 outlets nationwide.
The satellite TV provider shelled out $228 million to acquire Blockbuster through a bankruptcy court proceeding in 2011, when Blockbuster operated more than 1,700 retail stores. Dish has folded most of the video rental stores, while attempting to use the Blockbuster brand to bundle movie downloads and DVD rentals with its satellite TV programming packages.
Dish said that the 300 Blockbuster outlets that will close include unprofitable stores and stores at properties that are nearing the end of their leases. "We continue to analyze the store-level profitability as we have in the past," Dish spokesman John Hall told the Denver Post.
- Denver Post has this story
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