When that didn't work, they could have smartly managed the demise, handing whatever money the firm made over to shareholders.
Roberts, Johnnie L. For now, Blockbuster's more than 3, stores will remain open. By JuneBlockbuster owned 15 stores and franchised 20 others. Check out our Privacy and Content Sharing policies for more information. Most stores were relatively modest family operations that carried a small selection of former big hit movies.
The company began to buy back franchised operations with the goal of 60 percent company-owned Blockbuster outlets. The company began to offer video game equipment and Sega Genesis video games at some of its stores.
In the United States, the chain had opened its 1,th store by June ; new outlets opened at a rate of one a day. With these policies in place, Blockbuster set out on a program of aggressive expansion. See pictures of retailers that have gone out of business. That allowed Blockbuster to optimize its movie selection.
He introduced a new business strategy that included enhancements to existing stores along with a shift to streaming video with the acquisition of MovieLink in September Before the deal could be realized, board member Carl Icahn intervened, refusing to let the company lose more money through Total Access.