Blockbuster store

Things are not all rosy for Dish Network when it comes to its purchase of the Blockbuster brand, and the satellite provider has announced that it will be closing 500 more locations of the once monolithic video chain.

In its quarterly earnings report issued this morning, Dish Network announced that the Blockbuster retail stores lost $1.2 million on revenues of $974.9 million due to “increasing competition from video rental kiosk, streaming and mail order businesses.”  Currently the company is just trying to keep the ailing video store chain at a break even financial status, so that end it plans to close a third of the remaining 1,500 locations, or about 500.  Dish did go on to warn that more closings may be necessitated down the road, so it looks like the worst may not be over for the future of mega video rental stores.

Seeing as Samsung is rumored to be working with Blockbuster on a streaming service, it’s doubtful that the brand is going to completely disappear any time soon, but it does appear fairly obvious that the age of the video rental store is definitely coming to an end.

[via Deadline]