Bankrupt video retailer Blockbuster will start the New Year with fewer stores.
Seventy-two locations will close their doors by January 1. Another 110 stores will be closed by April.
Blockbuster, which has been losing ground to instant streaming on the Internet, DVD-by-mail services and movie vending machines, filed for Chapter 11 bankruptcy in September to reduce its debt from nearly $1 billion to $100 million. New owners, led by billionaire Carl Icahn, plan to downsize while they reorganize Blockbuster, in hopes of making it a viable option in home movie viewing industry again.
The last time Icahn tried playing catch-up with its more modern competitors, by trying to compete with Netflix on its DVD-by-mail option, the chain actually declined further.
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