Blockbuster announces plan to close all remaining stores

(WTVM) - Blockbuster, the once-thriving movie rental chain, has announced its plan to close all remaining 300 store locations and its DVD mail operation service by early next year.

The company was founded in 1985. While the company thrived throughout the 90's and early 2000's, competition from other DVD rental services forced the company into bankruptcy. At its peak in 2004, Blockbuster had 9,000 stores in operation.

"This is not an easy decision, yet consumer demand is clearly moving to digital distribution of video entertainment," said Dish's Chief Executive Joe Clayton in a statement.

DISH Network purchased Blockbuster in 2011 after the company filed for bankruptcy in 2010.

As many as 2,800 employees could be laid off, according to Reuters.

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