Once More, Blockbuster to Close Out Year By Closing a Couple Hundred Stores
We haven't posted much about Blockbuster since it filed for prepackaged bankruptcy, but every now and then I'll peek at the court docs posted to its reorganization website. Very little exciting happening of late. But as the Associated Press points out today, there was this this filing on Friday worth noting: Blockbuster's about to shutter close to 200 more stores in coming weeks -- 72 before New Year's Eve, with another 110 coming in the first quarter of '11. Which is significant if only because, as the Friday filing notes, since Chapter 11 and Keyes's promise to look-see every lease, Blockbuster has only closed 58 stores.
The filing, which promises further bulk inventory sales close to Christmas, doesn't list the locations of the closures, only how they'll be shuttered; I've left a message for Martin Sosland, the local attorney repping Blockbuster in the Chapter 11 proceedings, for further info about this and other matters. (Sosland, if that name sounds familiar, was also the Texas Rangers' attorney during Tom Hicks's time in bankruptcy.) But as AOL's Daily Finance suggested on Friday, shuttering a couple hundred stores is nothing: "For Blockbuster to have any chance for survival, it'll need to close 100 or more locations per month."