Netflix poses threat to Blockbusterís business
National movie rental chain Blockbuster is suffering from increased competition from online rental sites such as Netflix.
The corporation plans to close up to 960 stores in the United States by the end of next year to cut corporate costs.† Other stores may be converted into outlets, and the company may mitigate or terminate some leases.† The company indicated that 1,300 to 1,500 stores may ultimately be affected by the change.
Blockbuster currently operates over 7,100 stores in the United States.