Blockbuster to Shutter 282 U.S. Stores

DALLAS, June 29: Blockbuster will close 282 of its stores in
the U.S. this year, according to an AP report, as it looks to beef up its
online rental service in order to compete with rival Netflix.

The move follows the closure of 290 stores across the U.S.
last year. The company has faced stiff competition from Netflix, whose some 6.8
million customers pay anywhere from $4.99 to $47.99 to receive DVDs they select
online delivered through the mail. Netflix also allows customers to download
select titles directly to their PCs. Blockbuster has about 5,000 stores across
the U.S. It’s online rental service has about 3 million subscribers, according
to published reports.