As expected, Blockbuster Canada is facing financial woes and following the footsteps of it’s U.S. counterparts (who filed for bankruptcy and was bought out by Dish Network).
Blockbuster Canada has missed payments on their US$67 million debt and has been forced into receivership. The debt is primarily owed to movie studios who supply the company with their movies.
There are still currently 400 stores in Canada, but I expect that number to come down soon.
Blockbuster has failed to keep up with evolving technology. Instead of embracing it, they publicly rejected it. I’m happy giving Netflix my $8/month.