Blockbuster to close its doors

Published 9:29 am Wednesday, March 2, 2011


FRANKLIN—Since the latter part of February, Blockbuster on Armory Drive has been clearing its shelves, but not to make room for more movies.

As the storefront signs proclaim, “Everything Must Go!”

The store manager was not permitted to speak to The Tidewater News and could give no details.

On Feb. 21, the Dallas-based company announced that it began “to sell the company, which it believes represents the best means of maximizing value for Blockbuster’s stakeholders,” according to the Blockbuster website.

Cobalt Video Holdco is the listed bidder for Blockbuster’s assets in the United States and abroad. The company, which began in 1985, also has more than 7,000 stores in Australia, Asia, Europe and Central and South America.

The estimated buying price is $29o million, according to the website My Retail Media.

Blockbuster also filed with U.S. Bankruptcy Court to start auctioning its assets.

An auction is expected to be completed by April 20.