Blockbuster posts a wider third-quarter net loss

USA’s leading movie rental chain Blockbuster has come out with their latest revenue report and the company has posted a wider third quarter net loss.

The company suffered as they closed stores and are now focused on boosting sales at its remaining stores.

Blockbuster is facing intense competition from their nearest rival in the market Netflix.

The company posted a net loss of $35 million, or 20 cents per share. This is a bad performance compared to last year when they posted losses of $24.7 million, or 15 cents per share.

Blockbuster said that they are currently working on restructuring plans which should help them reduce annual costs by $45 million.

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