When Dish Network Inc. (NASDAQ: DISH) acquired bankrupt Blockbuster nearly two years ago, the company said that the 1,700 Blockbuster stores that were part of the deal would “complement our existing video offerings while presenting cross-marketing and service extension opportunities.” Maybe not so much anymore.
The Denver Post reports this morning that Dish will close about 300 more U.S. stores this year, dropping the total number of stores down to around 500. About 3,000 Blockbuster employees will lose their jobs.
Stores will be closed as leases expire, but so far the company has not identified which stores will be shuttered.
Blockbuster cost Dish $320 million, none of which did anything to enhance the Blockbuster or Dish brand. Since the acquisition, the only time Blockbuster gets noticed is when more stores are closed.
Shares of Dish Network are inactive in premarket trading this morning, having closed at $37.92 on Friday. The 52-week range is $26.12 to $37.94, and the high was set on Friday. Today could see another new high.