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Blockbuster Closing up to 960 Stores

We heard earlier this year that Blockbuster was in some financial trouble, which is bad news even in light of the recessionary times that may or may not be over.

A filing with the SEC revealed Blockbuster's plans to close up to nearly 960 retail store locations by the end of 2010, according to CNet's report.

After Blockbuster's analysis of over 7,000 stores, it found that 18-percent of them--at least 1260--were unprofitable. And as a business' number one goal to be profitable, Blockbuster is ready to make cuts.

While it's almost certain that hundreds of Blockbusters will be closing its doors over the next year, it may not actually reach 960.

"All these stores are candidate stores," Blockbuster spokesperson Randy Hargrove said in a phone conversation with CNet. "Although we may in fact close that many stores, if we can renegotiate leases or remodel stores to make them more profitable, that number might go down."

Some stores, instead of closing, could be turned into outlets for sales rather than just rentals, which would bring Blockbuster's grand total of rental store closures to 1,335 to 1,560, figured the report.