Blockbuster closing 300 stores, losing about 3,000 employees

Associated Press

DENVER (AP) -- Dish Network Corp. says it plans to close about 300 Blockbuster stores across the country, losing about 3,000 employees.

Company spokesman John Hall told The Denver Post (http://bit.ly/11MpV0v ) on Monday that the closures will leave about 500 Blockbuster locations in the U.S. Blockbuster is owned by Dish Network.

Dish Network last year also shuttered about 500 underperforming Blockbuster locations.

Hall says the stores that will be closed in coming weeks are either underperforming or nearing the end of their leases.

He says the 3,000 employees were informed about the latest closures on Friday.

The store locations have not been announced.

Colorado-based Dish Network in March 2011 bought the then-bankrupt video rental chain for $320 million.

It plans to move Blockbusters' headquarters from Texas to Colorado's Douglas County.

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Information from: The Denver Post, http://www.denverpost.com