Blockbuster Shutting Down All Retail Stores By January

News & Views | Bené Viera | 11/08/2013 | 01:23 PM EST

Blockbuster Couldn't Compete With The Likes Of Netflix And Hulu

Here’s some '90s nostalgia: renting VHS tapes at Blockbuster on weekends and watching them with your family or friends. Those days are long gone and Blockbuster is closing its remaining retail stores by the end of the year.

Blockbuster couldn’t withstand the evolution of online television and movies. In 2010, the company filed for bankruptcy after suffering a $1.1 billion loss. Dish Network bought the struggling business in 2011, but couldn’t save it from tanking.

Before bankruptcy, the company had the chance to purchase Netflix for $50 million in 2005. Blockbuster refused several offers to purchase the online streaming service, according to Variety. Today Netflix is worth $20 billion, which makes the news of the sinking business harder to swallow.

With services like Netflix and Hulu, it’s hard for even a household name like Blockbuster to compete. The mom-and-pop video rental stores are long gone.

It’s been a long time coming for the business who once had over 8,500 stores in its prime and is left with 300. Along with the stores closing the DVD mail rental service will end. Blockbuster Home and On Demand are the only services that will be available.

RIP Blockbuster. Perhaps we’ll rent The Best Man (1999) on VHS as we prep for The Best Man Holiday sequel. Then again, we’d have to borrow a VCR.

(Photo:  Joe Raedle/Getty Images)

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