Dish Keeping About 575 Blockbuster Stores18 Apr, 2011 By: Erik Gruenwedel
Dish Network, new owner of bankrupt Blockbuster Inc., is keeping about 575 stores in operation while pulling the plug on another 1,100 stores, according to filings with U.S. Bankruptcy Court in New York.
Englewood, Colo.-based Dish, which acquired Blockbuster for $320 million in an auction sale April 6, didn’t disclose why the remaining stores would remain open.
In an April 16 court filing, Blockbuster submitted the addresses of about 572 stores it had attached cure amounts on outstanding lease payments due landlords and property owners. Several of the locations contacted by Home Media Magazine confirmed they were staying open.
In separate filings, Blockbuster disclosed the locations of hundreds of stores nationwide whose unexpired leases the Dallas-based rental icon rejected, effective April 17.
The decision to shutter more than 50% of its remaining stores comes just days after Blockbuster sought a three-month extension on the April 14 deadline for remedying outstanding lease agreements.
A Dish/Blockbuster representative was not immediately available for comment.