Blockbuster Closing About 1,000 Stores

Blockbuster is ramping up its store-closure process. By the end of next year, the retailer is closing up to 960 locations as part of an “accelerated” program, according to a recent SEC filing. That number is up from the up to 425 that were previously on tap.In addition, the company is trying to terminate between 275 and 300 leases and convert 250 to 300 units into outlets that sell used DVDs. So in a worst-case scenario, that would mean 1,560 Blockbusters will shut down. As of the end of its second (and most recent) quarter, Blockbuster operated 3,750 US locations, so this will take a significant chunk out of its store base. At the same time, the company is looking to increase its non-physical presence by ramping up its online offerings and adding thousands of Redbox-like kiosks around the country.Can Blockbuster even successfully maintain any kind of brick-and-mortar presence? But more importantly, are landlords ready for all of this space to come back?