More Blockbuster Stores Hit Chopping Block

Blockbuster Inc. (Dallas) announced it will close more than 500 of its company-owned U.S. retail stores this year. To date, the retailer has already shuttered 253 of these stores with 150 more to close by the end of April. Since 2008, the video and game rental company has closed 983 of its more than 3000 U.S. locations.

The closings are the latest news to hit the beleaguered movie rental sector. Retail competitor Movie Gallery has also been closing stores as well, and filed for bankruptcy for the second time in February 2010. Seven hundred Movie Gallery stores have been closed over the last two years.
 

Blockbuster’s same-store sales in the U.S. declined 26.5 percent in 2009.