Blockbuster to close 282 stores

DALLAS, TX Blockbuster is planning to close approximately 282 domestic Blockbuster stores in 2007, the company reported in an SEC filing Thursday. The move is part of the company’s plan to better position itself to compete with its online competitors, the company reported.

The company closed approximately 290 domestic Blockbuster stores in 2006 and transferred 25% of the revenue from closed stores to surrounding stores at a high margin, according to the filing.

Blockbuster said it believes the 2007 closings will have the same benefits as those made in 2006.