The video rental store, an icon of a bygone era, has taken another hit as its footprint shrinks once again with the closure of the Family Video chain.
Family Video announced on Tuesday that it will be closing its remaining 250 stores and has already begun its liquidation sales. The stores are slated to stay open until all products and fixtures have been sold off. The sales include movies, video games, and more.
“While we have faced digital competition from Netflix and others for years, nothing has been as devastating to our business as Covid-19,” the company said in a release.
“We are very thankful to have been able to provide entertainment for many family movie nights, and want to thank the people of Fort Wayne and our incredible staff for the many years of support and service.”, says Keith Hoogland, CEO, Highland Ventures, LTD.
The number of video stores in the world have been decreasing for years now, but Family Video had been making a go at trying to keep itself afloat with a few hundred stores still in operation. The coronavirus, sadly, appears to have been the final straw.