September 16, 2009 |
Blockbuster is looking lackluster. Facing increasing pressure from Redbox, Netflix Inc. and its own debt problems, the video rental giant is doubling the number of stores it is likely to close by the end of next year, the company revealed in a regulatory filing Tuesday. Struggling Blockbuster was previously aiming to shut 410 to 450 of its most unprofitable stores this year and next. A series of "accelerated closures" brings that target to 810 to 960. Blockbuster also said it might convert an additional 250 to 300 locations to outlets that focus on used DVDs.
July 14, 2009 |
In its bid to keep pace with rivals, Blockbuster Inc. has reached a deal with Samsung Electronics America to offer its OnDemand movie rental service through Internet-connected TVs, Blu-ray players and home theater systems. The rental giant said the service, available this fall, would give Blockbuster customers the option of renting newly released movies without driving to the neighborhood video store or waiting for home delivery of a DVD through the mail.
May 15, 2009 |
As if crushing debt, the recession, Netflix and Redbox weren't enough, Blockbuster Inc. has a new foe: the booming box office. That's according to Jim Keyes, chief executive of the struggling but still massive DVD rental chain, who on Thursday blamed much of his company's weak performance last quarter on the growing number of people watching movies in theaters and not their living rooms.
March 17, 2009 |
Blockbuster Inc. shares rose 17% after the founder of the Hollywood Video chain took a 5.7% equity stake in the world's biggest video-rental chain and expressed confidence that the Dallas company could meet its obligations. Wattles Capital Management acquired 4.84 million shares of Blockbuster, while HKW Trust, which Mark Wattles controls, bought 2 million, according to a regulatory filing Monday. Blockbuster shares, which declined 68% last year, jumped 11 cents to 76 cents.
November 26, 2008 |
Blockbuster Inc. will start renting movies and television shows through a new gadget that may give consumers another reason to bypass the struggling video chain's 7,500 stores. The system unveiled Tuesday relies on a small box that connects to television sets and stores video after it's downloaded over high-speed Internet connections. The player, made by San Jose-based 2Wire Inc., is based on the same concept as storage devices made by Apple Inc. and Vudu Inc.
August 8, 2008 |
Blockbuster Inc. suffered another loss in the second quarter, but the struggling movie rental chain showed signs of progress by wringing more revenue from its stores while lowering its costs. Heartened by its rising sales, Blockbuster modestly raised its outlook and predicted it would produce a profit of $21 million to $36 million for the entire year. "To paraphrase Mark Twain, the demise of Blockbuster has been greatly exaggerated," Chief Executive James Keyes told analysts. But investors weren't impressed.