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Dallas -- Blockbuster parent Dish Network confirmed Thursday that it will close 500 underperforming Blockbuster video stores in the first quarter, which equates to about a third of its stores.
The company, which acquired Blockbuster in 2011, said it plans to expand Dish Services offerings in the remaining Blockbuster stores. It currently offers the services in 150 stores.
The news comes on the heels of the company’s announcement that profits for the fourth quarter ramped up 24% to $313 million, and it picked up 22,000 net new subscribers in the period. Revenues surged 13% to $3.63 billion, compared with $3.21 billion in the year-ago quarter.
“By introducing new Blockbuster-branded services, we’ve begun to turn the tide in subscriber losses while continuing to face increased competitive pressures,” said president and CEO Joe Clayton.