Family Video to close all remaining stores, cites lack of foot traffic and new movie releases
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There's no pushing rewind on this one.
After 42 years, Family Video announced Tuesday night that it would be closing all of its remaining locations across the U.S., including more than 50 stores in Michigan. The video rental chain — which, at its height, had more than 800 locations nationwide — cites a lack of foot traffic and new releases, a symptom of the ongoing pandemic.
“What began as a handful of 500 square foot video rental locations, grew to 800 locations with up to 7,000 square feet of video rental and retail,” Keith Hoogland, CEO of Highland Ventures LTD, shared in a statement. “Surviving 10 years longer than the Big 3, Blockbuster, Movie Gallery and Hollywood Video, we are among the few that started with Beta, moved on to VHS and remained a part of the DVD & Blu-Ray Era.”
In 2019, Family Video pivoted to selling CBD products in addition to movie rentals and concessions, an attempt to offer something its competitor — at-home streaming services — could not. However, it wasn't enough to ensure Family Video's survival amid a pandemic, and a time where the few new flicks have turned to video-on-demand premieres.
Family Video locations will close once all of its stock, including DVDs, video games, fixtures, and CBD products, are sold off as part of its company-wide liquidation sale.
💔 We’ve got some sad news today. We can’t thank you enough for all your support over the years!
— Family Video (@FamilyVideo) January 6, 2021
Learn more: https://t.co/FPmkNyrOK6 pic.twitter.com/hQMW9HCcD7
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