When was the last time you walked into a Blockbuster store? I don't remember, either. Well, that attitude has weighed heavily on the once mighty rental giant. Revenues are down 6%, stocks are down over $5, and they have closed 526 stores so far this year.
Nexflix has done quite a number on Blockbuster's bottom line, and it looks like it might be too late for them to do anything about it. Chairman Jim Keyes stated that their attempts to combat the online rental company was one of the largest sources of their loss.
Add to that, we have seen Hollywood Video and Movie Gallery both go the way of the dinosaurs, and all we can guess is Blockbuster will be the next victim of the Netflix empire.
We'll miss you.read more...