Posted on Wednesday, April 6th, 2011 in Other by Nick
Dish Network has announced that they will be buying Blockbuster for $228 million. They won Blockbuster in a court auction with the winning bid of $230 million. After adjustments dealing with inventory and cash, Dish will be paying the said $228 million.
Blockbuster filed for Chapter 11 bankruptcy back in September with the intention of reducing it’s $1 billion dollars in debt to $100 million. It has closed almost 1,000 stores of its 7,000 stores so far and even Dish CEO Tom Cullen said in a statement that the rental chain “faces significant challenges.
I haven’t used Blockbuster in ages and don’t plan on using it as long as Netflix and Redbox is around. Simply put it, Blockbuster has a long and tough road back to success.