Local video store shutters doors months after chain announces
bankruptcy
The Hollister Blockbuster store, in the Target shopping center,
has signs up announcing that it will close. The closure comes after
the bankrupt Blockbuster Inc. agreed in February to be sold for
$290 million to a group of investors in a deal that required 609 of
its video rental stores to begin liquidating by the end of the
month.
Local video store shutters doors months after chain announces bankruptcy
The Hollister Blockbuster store, in the Target shopping center, has signs up announcing that it will close. The closure comes after the bankrupt Blockbuster Inc. agreed in February to be sold for $290 million to a group of investors in a deal that required 609 of its video rental stores to begin liquidating by the end of the month.
The Hollister store was not one of the initial stores to go through the liquidating process and it remained open for several more months.
Blockbuster’s first store opened in 1985 and it eventually became the first national retail chain provider of in-home video entertainment. In the early years, the company’s retail business was a mix of corporate and franchisee-owned stores, and it eventually expanded into mail, digital and vending distribution.
Blockbuster will continue its online rental business, which is in competition with Netflix and rental vending machines such as Redbox.
Pinnacle wire services contributed to this report.
