Blockbuster to close 960 stores by end of 2010

BlockbustercardsTalking about the economy is like talking about the weather at this point. It's chit-chat, conversation padding that everyone knows about. It's also the reason Blockbuster is closing almost a thousand stores by the end of next year.

According to CNET, Blockbuster has filed plans with the SEC to close 960 stores by the end of 2010. The filing states that a whopping 18 percent of the company's stores are unprofitable, and will be shut down. Blockbuster plans to close up to 685 stores by the end of this year, and the remaining 275 by the end of 2010.

Blockbuster hasn't had the easiest time in the last few years, but the store closings could actually help it. According to the company, by shutting down those 960 stores (and up to 300 more in the future), it could boost its profits by $60 million. Still, it means a lot of locked doors, and a lot of lost jobs.

Will Greenwald

[Source: EngadgetHD]