The Video Rental Giant of Yore Finally Folds
Video rentals are dead; long live the video rental. Almost 30 years after launching its first rental service, Blockbuster has announced that it will close its last 300 stores. Anyone who’s ever had to fend off collection agencies for failing to return New Jack City can take comfort in the fact that Blockbuster paid dearly for its tardy entry into the mail order and digital streaming services pioneered by Netflix. The worst part? Netflix, currently worth about $20 billion, was offered to Blockbuster 13 years ago for $50 million. Wow, what a difference!
Sources: Wall Street Journal, New York Times
