There is a woeful article about how “competition” is hurting Blockbuster and now it is closing 20 percent of its stores.
No tears here.
Blockbuster has had poor management for years. It’s amazing the company is still in business. It’s not competition. Rather, it’s smart competitors with foresight. It’s dumb management that did not take action that Blockbuster’s competitors have instead taken, which is why the company is on the ropes.
How many lawsuits has Blockbuster been subject to? How many class actions? How many times has Blockbuster attempted to rip its customers? Engaged in shoddy tactics?
Did you ever read the very, very fine print in a Blockbuster contract where your submit your credit information to get a rental, but then Blockbuster reserves the right to charge your credit card not for movie charges, but for its attorney’s fees in the event you ever had a dispute with the company?
Yeah – those kind of shoddy tactics.
Frankly, it’s nice to see Blockbuster get whacked in the knees. Here’s a tip: don’t buy Blockbuster stock. I don’t think the company will even exist 5 years from now.
Netflix – now there’s a company that cares about it’s customers. It has some heavy competition too that will increase with HD video on demand and Internet movie providers – but at least they have foresight.