According to Deadline, Blockbuster announced on Monday their plans to close nearly 300 stores across the country in the upcoming weeks.
Parent company Dish Network Corp. bought the video rental chain in April 2011 to save it from bankruptcy and has continued to struggle against competitors like Netflix, Redbox and Hulu.
Dish spokesperson John Hall explained the closures, most of which are due to underperformance or leases nearing expiration. The company has not publicly announced which stores will be shut down.
Last week, the Blockbuster U.K. division was put into administration, which is another version of bankruptcy.
“We continue to see value in the Blockbuster brand and we will continue to analyze store level profitability and — as we have in the past — close unprofitable stores,” Hall said in an email to the Los Angeles Times.
Hall also informed that closures are expected to occur over a period of time as store leases end.