Blockbuster busting up 500 stores

Things are looking very bleak for the former video rental juggernaut Blockbuster Video. After shuttering 374 stores last year, the company is now planning to close an additional 500 locations.

The news comes after Blockbuster posted a quarterly loss of $435 million yesterday, resulting in the company's stock dropping $0.07. Seven cents might not sound like much, but considering Blockbuster's stock is currently $0.30 a share right now, that constitutes an 18.9% plummet.

Blockbuster will close 150 stores in April, and by the end of the year a total of 500 stores will be shut down. This will leave the company with only 3,025 stores in the country, nearly a thousand stores less than it had in 2008.

Will Greenwald

[Source: MSN via Gizmodo]