Pandemic kills off Family Video; chain to close remaining stores
It's lights out at Family Video, the 42-year-old Midwestern chain that kept going even as Blockbuster and Hollywood Video went bust. The company on Tuesday said its more than 250 stores nationwide will hold liquidation sales, offering deals on movies, video games, CBD products and store fixtures. While streaming services and other online rivals have long dented its business and helped bring about the demise of other video chains, it was the coronavirus that proved to be the final undoing of Family Video. Along with having to close its locations, like other nonessential retailers, for 60 days starting in March, the chain was also impacted by film production disruptions and release delays due to the pandemic. Founded in 1978, the chain started in 2020 with 510 locations, but had to close roughly half by the end of the summer.cbsnews.com
Blockbuster tweets for the first time since 2014 and it’s a #mood
HOUSTON – This year has been a doozy, and we have learned that (pretty much) anything is possible, including Blockbuster coming back from the dead. Blockbuster tweeted “Just checking in” with a waving hand emoji on Tuesday. 👋 — Blockbuster (@blockbuster) August 11, 2020Just about 10 hours later, the company tweeted “Ok, we’ve seen enough. Checking out.”Ok, we've seen enough. — Blockbuster (@blockbuster) August 11, 2020If that doesn’t speak to how basically all of us feel about this year, then nothing does.
Dow pops 250 points on blockbuster earnings
Blockbuster earnings from the likes of JPMorgan Chase and UnitedHealth sent the Dow climbing more than 250 points, or roughly 1%, in afternoon trading. After weeks of trying to decipher the latest developments in the trade war, the start of earnings season has allowed investors to refocus on the fundamentals. The IMF on Tuesday cut its 2019 global growth forecast, calling for the weakest pace since the financial crisis. However, the big banks on the front lines of America's economy reported mostly upbeat results on Tuesday. The Wall Street firm was hurt by slowdowns in M&A and the trouble in the IPO market.