MSN reports that, following a broad quarterly loss, video and game rental company Blockbuster will close 500 more stores this year. The first round will consist of 150 closures in April, with more to come later in the year, rounding off a total of between 500 and 545.
According to MSN, Blockbuster Wednesday posted a net loss of $435 million, or $2.24 per share, worse than the loss of $359.8 million, or $1.89 per share, a year ago. The company also has a debt of $963.9 million and has announced an agreement with Rothschild, which will help restructure that debt.
"While we believe the future is bright, the next 12 to 18 months will remain challenging as we balance the secular decline of a single channel with the ascension of emerging channels, such as vending and digital," Blockbuster CEO Jim Keyes said in a statement.
Blockbuster announced the closure of over 250 stores in January. Last year the company closed 374 U.S. stores.