The famous chain renting out DVD, Blu-ray, and video games discs worldwide has announced it has gone bust in Portugal. Of course, it blames piracy.
Founded in 1985, Blockbuster is a well-recognized brand all over the planet with around 9,000 stores in around 25 countries worldwide.
A success for many years, the company started falling on harder times around 7 years ago with decreasing revenues, a trend that continues today.
The company licensed to operate the Blockbuster brand in Portugal has just announced it has initiated insolvency proceedings
“Our energies are now focused on trying to minimize the impact on our employees,” the company said in a statement.
Blockbuster is blaming its Portuguese demise on piracy and entertainment becoming available in new forms on the Internet.
Portugal’s Association of Audiovisual Commerce (ACAPOR) doesn’t spread the blame so thinly.
Spokesman Nuno Pereira said piracy was the main cause of reduced performance in the sector and accused the government of inaction in the face of “brazen and shameless theft.”
Neither company cite a failure to innovate as a reason for Blockbuster’s demise and will presumably continue trying to rent out plastic discs in other regions.
Article from: FreakBits