“Netflix and Apple have hammered the final nail into Blockbuster’s coffin: parent company Dish Network announced it will close all Blockbuster retail locations by January,” Keris Alison Lahiff reports for TheStreet.
“Dish Network said it will cease Blockbuster operations across its 300 remaining U.S.-based stores as well as in its mail DVD distribution warehouses. The plans will make as many as 2,800 employees redundant,” Lahiff reports. “‘This is not an easy decision, yet consumer demand is clearly moving to digital distribution of video entertainment,’ said Dish CEO Joseph P. Clayton in a statement.”
Lahiff reports, “Blockbuster’s business model was severely crippled in the latter half of the 2000s. Netflix’s streaming service and mail DVD program decimated the video rental market, while Apple’s iTunes made purchasing digital content convenient.”
Read more in the full article here.
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