Triple-digit layoffs at Blockbuster
Big layoffs over at Blockbuster. WFAA reports:
Industry leader Blockbuster said Tuesday that it would cut 300 corporate-level jobs as it tries to trim $75 million in costs this year.
…
The current layoffs were expected and are part of a list of actions outlined last November by chief executive John Antioco.
Blockbuster renegotiated bank debt through 2007 and said it would close stores and sell smaller, noncore businesses such as Rhino Games and operations in the U.K.
Its 35-store Movie Trading Co. chain and a group of 70 independent video stores in upstate New York and Minnesota will be closed or converted to the Blockbuster banner in the next few months, Ms. Raskopf said.
200 individuals are being laid off and another 100 vacant jobs are being eliminated. 300 down, 1,000 to go…