BLOCKBUSTER CLOSING 810 OF ITS 960 STORES!

Blockbuster is set to close 810 of its 960 stores. Due to the recession and consumers renting videos from Netflix and Redbox Blockbuster made the decision to focus on its core stores. The elimination of the 810 stores will cause the company to spend $60 million in early lease termination costs for the stores. "Mr. Wolf said Blockbuster has had to manage its business for survival, rather than growth, and has cut inventories of new releases and taken other steps, which hurt results in its most recent quarter".

Blockbuster will be operating in fewer locations "the game here is to become profitable, and if they do it on a lower revenue base, so be it,"stated Needham & Co. analyst Charles Wolf .