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Dish Network Will Keep 1,500 Blockbuster Stores Open

Here’s what will be left of the video rental chain that Dish Network bought for $320M. For reference, Blockbuster had 4,255 domestic stores in 2006.

MCKINNEY, Texas, July 21, 2011 – Blockbuster L.L.C. announced today it has assumed contracts with property owners nationwide and will maintain operations of more than 1,500 U.S. Blockbuster stores that would have closed under liquidation, as approved in a New York bankruptcy court this week. Blockbuster also will retain more than 15,000 store employees.

“We’re pleased that we will continue to operate more than 90 percent of the stores that were offered at auction in April,” said Michael Kelly, president of Blockbuster. “By lowering pricing and offering competitive summer promotions, we’ve brought millions of customers back into Blockbuster stores in the last three months to experience the best in convenience, choice and value. Today, more than 100 million people live near a Blockbuster store.”

Unfortunately, despite our efforts to reach reasonable terms, some property owners have closed stores,” Kelly added. “However, we’ll continue to look for opportunities for physical distribution in these neighborhoods as we expand our in-store experience, unmatched for movies and family entertainment.”

Blockbuster recently rolled out an improved Blockbuster Total Access package, which provides benefits Netflix® doesn’t offer: availability of many new releases 28 days before Netflix; unlimited in-store exchanges; games for XBOX 360®, Playstation3™, and Nintendo Wii™, and no additional charge for Blu-ray™ movies.

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Bankruptcy Court Approves Blockbuster Sale

Mike Fleming

Despite the objections of 111 parties including plenty of creditors, U.S. Bankruptcy Court judge Burton Lifland approved Dish Network’s $320 million offer for the beleaguered vid chain. According to Bloomberg.com, the deal assumes $11.5 million in debt to studios.

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