Blockbuster to keep 1,500 stores open
McKinney, Texas -- Blockbuster announced that it has assumed contracts with property owners nationwide and will maintain operations of more than 1,500 U.S. Blockbuster stores that would have closed under liquidation, as approved in a New York bankruptcy court this week. The chain also will retain more than 15,000 store employees.
"We're pleased that we will continue to operate more than 90% of the stores that were offered at auction in April," said Michael Kelly, president of Blockbuster. "By lowering pricing and offering competitive summer promotions, we've brought millions of customers back into Blockbuster stores in the last three months to experience the best in convenience, choice and value.”
In April, Dish Network Corp. purchased Blockbuster in a bankruptcy auction. In a counter move to rival Netflix, which recently raised its subscription rate, the retailer has been touting lower rental prices.