Blockbuster permanently closed its doors in Canada in 2011.

“Want to rent a movie from Blockbuster tonight?” A question from the past.  No longer is it needed to make the trek to the Blockbuster on the corner.  Nowadays it merely takes a click of a button to watch the latest movies.

Blockbuster was once the leading company in rental movies and games.  However, with businesses such as Netflix and Redbox, Blockbuster seemed passé.  Netflix offered a convenient way to stream movies and shows.  It proved to be one of Blockbuster’s main competitors, with stocks consistently climbing.  Billionaire investor Carl Icahn made numerous attempts to expand their product.  In 2005 he pushed for a DVD-by-mail service, which only dug the company into a deeper hole. Running for nearly 26 years, Blockbuster filed for bankruptcy in 2010 with a $1 billion debt.  A few months prior, the New York Stock Exchange had delisted Blockbuster Video claiming their stocks were nearly worthless.

It is unfortunate for long-time running businesses to fall in such a short period of time. It goes to show that businesses must always be growing and altering their product to fit consumer wants. If a company believes they can stand still, they will not stand for long.

Resources:

http://www.huffingtonpost.com/2010/09/23/blockbuster-bankrupt-vide_n_736072.html

https://www.google.ca/finance?q=NASDAQ:NFLX&sa=X&ei=LV1QUsa0BembiQLQ24H4BQ&ved=0CCwQ2AEwAA