The Texas economy is one of the most robust in the world. Wildly profitable companies and ingenious entrepreneurs call this state home, and what happens here influences businesses around the nation. Here’s a slice of the profits, losses, big deals, and backroom decisions happening across Texas this week.
Blockbuster’s financial flop continues: Dish Network, which bought the McKinney-based movie rental chain out of bankruptcy a year ago, announced this week that it plans to close five hundred Blockbuster stores, about one-third of its remaining locations, according to the Houston Business Journal. At the time of the acquisition, Dish said it hoped to keep at least ninety percent of the stores open.
The Bottom Line: Like its now-defunct former competitors Hollywood Video and Movie Gallery, Blockbuster took a beating from streaming and DVD-by-mail services such as Netflix. At its peak, the company operated more than 4,000 locations in the U.S.
Exports of Import
U.S. exports increased by $202 billion from 2010 to 2011, due in large part to expanding international business in Texas, which contributed $43 billion to the total increase. The Houston Business Journal reported