Blockbuster (retailer)

Blockbuster LLC
Company typeSubsidiary
NYSE: BBI (1999–2010)[1][2]
Expert Market: BLIAQ
Expert Market: BLIBQ
(BB Liquidating Inc.)
FoundedOctober 19, 1985 (38 years ago) (1985-10-19)[3]
Dallas, Texas
FounderDavid Cook[3]
Defunct
  • September 23, 2010 (2010-09-23) (original company)
  • November 6, 2013 (2013-11-06) (Dish-owned corporate portion)
  • January 12, 2014 (2014-01-12) (corporate-owned stores)
  • January 30, 2020 (2020-01-30) (as a chain)
FateBankruptcy, liquidation sale, limited continuation of brand name in the United States
SuccessorSling TV
Dish Movie Pack
Headquarters
Dallas, Texas
,
U.S.
Number of locations
1 (privately owned, franchised) in Bend, Oregon [a]
ServicesHome video rentals
(VHS, Betamax, LaserDisc, DVD, Ultra HD Blu-ray, Blu-ray)
Video on demand streaming services
RevenueDecrease US$3.24 billion (2010)
Decrease −US$78.8 million (2010)
Increase −US$268 million (2010)
Total assetsDecrease US$1.183 billion (2010)
Total equityDecrease −US$582.3 million (2010)
Number of employees
84,300 (2004)
25,000 (2010)
3 (2019)[4]
ParentViacom (1994–2004)
Dish Network (2011–2014)
Websitewww.blockbuster.com

Blockbuster[5] (formerly called Blockbuster Video) was an American multimedia brand and former rental store chain. The business was founded by David Cook in 1985 as a single home video rental shop, but later became a public store chain featuring video game rentals, DVD-by-mail, streaming, video on demand, and cinema theater.[6] The company expanded internationally throughout the 1990s. At its peak in 2004,[7][8] Blockbuster employed 84,300 people worldwide and operated 9,094 stores.[9]

Poor leadership and the impact of the Great Recession were major factors leading to Blockbuster's decline, as was the growing competition from Netflix's mail-order service, video on demand, and Redbox automated kiosks. Significant loss of revenue occurred during the late 2000s, and the company filed for bankruptcy protection in 2010.[10][11] The next year, its remaining 1,700 stores were bought by satellite television provider Dish Network,[12][13] and by 2014, the last 300 company-owned stores were closed.[14] Although corporate support for the brand ended, Dish retained a small number of franchise agreements, enabling some privately owned franchises to remain open. Following a series of further closures in 2019, only one franchised store remains open, located in Bend, Oregon, United States.[7][8][9][15][16][17]

  1. ^ "Blockbuster releases IPO". CNNMoney. August 10, 1999. Retrieved March 27, 2018.
  2. ^ "Blockbuster Stock Trading Halted". The Street. July 1, 2010. Retrieved March 27, 2018.
  3. ^ a b Cite error: The named reference CNNMoney was invoked but never defined (see the help page).
  4. ^ Harding, Sandi (May 17, 2019). "Experience: I manage the last Blockbuster in the world". The Guardian. Retrieved May 17, 2019.
  5. ^ Stephen, Bijan (August 29, 2018). "The last Blockbuster: what we really lose when video stores shut down". The Verge. Retrieved April 19, 2019.
  6. ^ Hecht, John; The Associated Press (April 28, 2007). "Blockbuster opening Mexico multiplex". The Hollywood Reporter. WordPress.com VIP. Retrieved September 23, 2023.
  7. ^ a b "The Sad End Of Blockbuster Video: The Onetime $5 Billion Company Is Being Liquidated As Competition From Online Giants Netflix And Hulu Prove All Too Much For The Iconic Brand". International Business Times. December 5, 2013.
  8. ^ a b Clifford, Stephanie (April 8, 2011). "Other Retailers Find Ex-Blockbuster Stores Just Right". The New York Times.
  9. ^ a b "Form 10-K". www.sec.gov. Retrieved June 7, 2017.
  10. ^ "Blockbuster LLC Chapter 11 Petition" (PDF). PacerMonitor. Archived (PDF) from the original on June 2, 2016. Retrieved May 9, 2016.
  11. ^ "Blockbuster Reaches Agreement on Plan to Recapitalize Balance Sheet and Substantially Reduce its Indebtedness" (Press release). Blockbuster. September 23, 2010. Archived from the original on October 3, 2018. Retrieved September 23, 2010.
  12. ^ Fritz, Ben (April 7, 2011). "Dish Network wins bidding for assets of bankrupt Blockbuster". Los Angeles Times. Retrieved May 2, 2011.
  13. ^ "DISH Network Completes Acquisition of Blockbuster Assets". DishNetwork.MediaRoom.com. April 26, 2011. Archived from the original on July 17, 2015. Retrieved June 16, 2011.
  14. ^ "Blockbuster to Close Remaining 300 Stores in U.S." The Hollywood Reporter. November 6, 2013. Retrieved December 9, 2019.
  15. ^ "Blockbuster to end late fees in 2005". NBC News. December 14, 2004. Retrieved July 13, 2018.
  16. ^ Cite error: The named reference LastBlockbuster-Observer was invoked but never defined (see the help page).
  17. ^ Zak, Annie (July 12, 2018). "Alaska's last 2 Blockbuster stores are closing, leaving just one in the U.S." Anchorage Daily News. Retrieved August 29, 2018.


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