Company to liquidate inventory on Nov. 14; around 50 stores to continue to operate as licensed franchises
Blockbuster has sent out tweets over the last several days alerting customers it will stop renting movies on Nov. 9, with most stores starting to liquidate inventory on Nov. 14.
Blockbuster, the Dallas, Texas-based video rental chain, founded in 1985, once operated 9,000 stores. The company has around 50 stores that will remain operating as Blockbuster stores as licensed franchises.
Dish, which bought Blockbuster in 2011 for $320 million, attributed the move to more consumers switching to digital alternatives to rent or stream movies, while kiosk operators like Redbox also have played a considerable role in Blockbuster’s demise and caused it to go bankrupt.