Satellite company plans to save some 600 stores from the axe
Dish Network plans to shutter nearly 1,000 Blockbuster stores open, according to a Dallas Morning News Report.
The paper cites a U.S. Bankruptcy Court filing and also reports that some 600 stores will be spared after the satellite company takes charge of Blockbuster.
A spokesperson for Dish declined to comment.
Dish purchased Blockbuster for $320 million earlier this month at auction, beating out Carl Icahn and Cobalt Video for rights to the bankrupt chain. When Dish purchased the company it said Blockbuster operated roughly 1,700 locations.
Blockbuster filed for Chapter 11 protections last fall, after struggling under nearly $1 billion in debt for much of the past year. It listed the major studios as its unsecured creditors and said it had roughly 3,000 stores.
Immediately after the auction, Dish said the true price for Blockbuster was about $228 million in cash after adjustments for available cash and inventory.
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