Blockbuster brings back late fees

Remember that crazy ad push Blockbuster made in 2005. No more late fees! There were huge blue-and-yellow signs everywhere proclaiming the company’s latest attempt at competing with Netflix. Well, Blockbuster is rescinding that deal and bringing you back to late fee hell. Things are pretty ugly, too. A dollar a day ugly, up to a 10-day maximum. That’s pretty brutal, especially when rentals cost so much to begin with.

Obviously the company needs money, but this seems more like a reminder to sign up for Netflix than a “let’s save Blockbuster” move. The reasoning behind the throwback to days of yore is that customers who keep movies longer keep them away from other customers, forcing Blockbuster to purchase more copies to keep up with customer demand. To be honest, you have to wonder just how much demand is out there. When Netflix is delivering movies to my doorstep and provides streaming service across a couple different platforms, paying to keep movies an extra day or two seems downright stupid.

Source: Slashfilm

Photo from fOTOGLIF

Blockbuster to close 500 locations

Blockbuster storefront.I used to think Blockbuster Online was the greatest thing on the planet. At the time, I was living close enough to a physical store that I was getting as many movies as I wanted plus the bonus of being able to turn them in for free movies for something like $10. It was great. It wasn’t long, though, before the store closed and I started mailing my movies back.

That same thing is about to happen in 500 locations across the country. Blockbuster announced this week that it would close 500 stores over the course of the year. The news comes as the company continues to bleed money, to the tune of $435 million for its most recent quarter.

“While we believe the future is bright, the next 12 to 18 months will remain challenging as we balance the secular decline of a single channel with the ascension of emerging channels, such as vending and digital,” CEO Jim Keyes said on Wednesday. The company is also trying to restructure its nearly billion dollar debt to stay afloat.

Source: MSN

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