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Blockbuster, a video rental giant, filed for bankruptcy in 2010 due to competition from Netflix and Redbox. It was purchased by Dish Network in 2011 but closed in 2013. However, around 50 franchises remain open in the US. Blockbuster was successful due to customized stores and won a lawsuit against Nintendo in 1987. In 2000, it turned down an opportunity to buy Netflix for $50 million.
Over the past decade, competition from mail-order provider Netflix and Redbox’s automated facilities have put pressure on Blockbuster, forcing the video rental giant to file for bankruptcy in 2010. In 2011, the company and its retail outlets the remainder were purchased by satellite provider Dish Network, which kept the business going until November 11, 2013. The company announced its final rental was, ironically, the comedy This Is the End, which according to it was reportedly leased from a Blockbuster store in Hawaii. However, it wasn’t really the end. As of 2015, approximately 50 Blockbuster locations (all franchises) remain open in the United States, for those who prefer to rent movies the old-fashioned way.
A brief summary of the history of Blockbuster:
The first Blockbuster store opened on October 19, 1985 in Dallas, Texas. Blockbuster quickly became successful, in part due to the company’s ability to customize each store to fit the demographics of the local neighborhood.
In 1987, the company won a lawsuit against Nintendo, which allowed Blockbuster to offer video game rentals in its stores.
In 2000, Blockbuster reportedly turned down an opportunity to buy a fledgling movie rental company called Netflix for $50 million (USD). The rest, of course, is video history.
