Blockbuster store on Collins Road will close

CEDAR RAPIDS - Blockbuster plans to close its store at 130 Collins Road NE as the video rental chains struggles in bankruptcy to compete against growing online and kiosk-based competition.

Store employees confirmed that the Collins Road Blockbuster location will close on April 10, leaving the video rental chain with one Cedar Rapids location at 3140 16th Ave. SW.

Blockbuster had 3,000 stores when it filed for bankruptcy protection in September, and announced plans in December to close 182 stores over the next several months.

On Monday, Feb. 21, Blockbuster announced a $290 million deal to be acquired out of bankruptcy by Cobalt Video Holdco LLC. The offer is called a “stalking horse” bid by a group of investment firms holding Blockbuster's secured debt. If approved by a bankruptcy judge, the deal would spur a 30-day window in which other buyers could bid more for Blockbuster.

Blockbuster hopes to finalize a sale by April 20, the company said.