Blockbuster to Close a Third of Its Stores

Blockbuster, once among the leaders in video and DVD rentals, plans to close 500 stores in the coming weeks, according to a report on Reuters.

The closing process has already begun locally, with the Blockbuster store on Route 72 in Stafford Township in the process of selling off its inventory at clearance prices.

The fate of the Toms River store on Route 37 near Route 166 is unknown.  on Fischer Boulevard in Toms River and on  have closed in the last two years.

The company, which announced an increase in fourth-quarter profits, is shifting from store rentals to subscriber services and Dish Network sales, according to press reports. Dish Network bought the struggling video store chain last year.

Blockbuster had been in chapter 11 bankruptcy before the Dish Network purchase, with revenues falling as consumers changed viewing habits.