Blockbuster, which was purchased by the Dish Network Corp. (NASDAQ:DISH) after going bankrupt in 2010, will close all retail stores in the U.S. and end its Blockbuster mail service by January 2014, according to a press release on the company’s website.
The company, it seems, has been outmaneuvered by more nimble innovators like Netflix (NASDAQ:NFLX) and Redbox. In January, the company announced it would lay off 3,000 employees.
Blockbuster By Mail, a service similar to Netflix, will be cut by mid-December, while the company’s streaming service will continue, the company said Wednesday.
Blockbuster franchises and licensed stores in the U.S. and internationally will stay open.
Dish will also continue its licensing agreements with Blockbuster, as long as the company stays in business. These agreements with Blockbuster include 15 channels and thousands of movies.
Continue Reading Below