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NewsPoster Nov 6, 2013 05:19 PM
Blockbuster goes under, closing last 300 stores, ending DVD by Mail
Dish Network, parent company of <a href="">Blockbuster</a>, announced on Wednesday that the video rental service would be ending both its retail and mail DVD distribution operations by early-January 2014. Blockbuster will close its roughly 300 remaining U.S.-based retail locations and distribution centers in early January. The Blockbuster By Mail DVD distribution service, set to expire in mid-December, will continue to serve existing customers until that time. <br /><br />Even as actual Blockbuster operations cease, Dish Network will retain the brand name, as well as a number of its key assets. Among those are the company's video library, which Dish will leverage to strengthen its Blockbuster @Home service for Dish customers. It will also keep the <a href="" rel='nofollow'>Blockbuster on Demand</a> streaming service alive for the general market. <br />
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Once a powerhouse in the post-theater video rental market, Blockbuster's fortunes faltered with the rise of the DVD and worsened with the emergence of Netflix, iTunes, and on-demand services from cable providers. The company staggered on for a time, but it was eventually <a href="" rel='nofollow'>bought by Dish Network</a> in a 2011 bankruptcy auction. <br />
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At its height in 2002, Blockbuster had a market cap of $5 billion. The chain had 1,500 stores and 15,000 employees by the time Dish bought it for $320 million. It currently has about 300 remaining stores, and Dish plans to lay off as many as 2,800 of its remaining employees.
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