Bye Bye Blockbuster

First the TLA Video in Chestnut Hill.

Now the Roxborough and Chestnut Hill Blockbusters.

It appears video stores are taking a hit all over, what some see as a result of increasing online rentals.

The Blockbuster Video on Ridge Avenue in Upper Roxborough is planned to shutter, this after the closures of other Northwest Philadelphia video outlets.

A large yellow sign that reads “Store Closing, This Location Only” graces the side of the Blockbuster at 7114 Ridge Avenue.

The store is situated within the Ivy Ridge Shopping Center.

A smaller sign on the front door says that the last day to rent movies at the location was Thursday, Feb. 24, although the store will actually stay open through April 10.

The remaining inventory at the store is planned to be sold off.

All rentals currently out are due back on Sunday, Feb. 27, the sign says.

Blockbuster Inc. has been in bankruptcy since September, according to a company news release. On Feb. 21, Blockbuster announced it has initiated “a process to sell the company, which it believes represents the best means of maximizing value for Blockbuster’s stakeholders,” according to the release.

The company has filed a motion with the U.S. Bankruptcy Court for the Southern District of New York to conduct an auction process for the company.

Jim Keyes, Blockbuster chairman and chief executive officer, was quoted in the corporate news release as saying, "By initiating a sale process at this time, we intend to accelerate our Chapter 11 proceedings and move the Company forward. An auction will allow the Company to invite competing bids from both strategic and financial investors. This will also allow for the consolidation of ownership of the Company to those with a clear and focused vision for Blockbuster's future."

The auction and pending sale is expected to take place sometime in the next few months. Meanwhile, company officials have stated they would examine individual store closures on a case-by-case basis.

In addition to the Roxborough location, the Chestnut Hill Blockbuster is also closing, according to news reports.

An employee who answered the phone at the Chestnut Hill location Friday morning confirmed that store’s impending closure. It, like the Roxborough store, is expected to sell off its remaining inventory between now and an April 10 closure date.

On Jan. 30, the its doors. That independent video store served Northwest Philly for 23 years.