Blockbuster is losing big when it comes to at-home videos, so they are cutting back on expenses and on advertising in the U.S. to make up for it.
US same-store sales fell 15.9% in the 4Q and revenue dipped 18% to $1.08 billion compared to last year.
By closing its 500 weakest stores, the video-rental company hopes to reduce expenses by $200 million, the Financial Times reports.
Thursday, February 25, 2010
Digital Beats Bricks-and-Mortar
Blockbuster Collapses: Shutting Down 500 Stores In Desperate Bid To Save $200 Million