Blockbuster announced that it will close around 300 stores and end all domestic retail, according to a report. It will also be ending its mail DVD operation.
Bloomberg News reported Wednesday that the company would be making the move.
The DISH Network Corporation, which owns Blockbuster, made the announcement.
The Blockbuster By Mail service will end in December, says a press release from the company.
“This is not an easy decision, yet consumer demand is clearly moving to digital distribution of video entertainment,” stated Joseph P. Clayton, DISH president and chief executive officer, according to the Wall Street Journal.
He added: “Despite our closing of the physical distribution elements of the business, we continue to see value in the Blockbuster brand, and we expect to leverage that brand as we continue to expand our digital offerings.”
Blockbuster’s business model in recent years has been imperiled by the proliferation of online movie streaming sites, including Netflix.
For the past several years, the company had been struggling with declining sales.
