Is Family Video ever coming back?

After 44 years in the video rental business, Family Video is shutting down its website and permanently ending all operations. The video rental chain made the announcement via Twitter, saying, “We’re sad to announce that we’re shutting down FamilyVideo dot com.” They announced a closeout sale in the same tweet.

Why is Family Video closing?

Family Video is closing all of its remaining stores after foot traffic declines and the lack of new movie releases “pushed us to the end of an era,” President Keith Hoogland said in a statement.

What is Family Video worth?

about $400 million
They own the real estate that underpins the Family Video stores, which Forbes estimated was worth about $400 million when we profiled Hoogland in 2017.

Who is Family Video owned by?

Highland Ventures
The family-owned company was headquartered in Glenview, Illinois. Family Video Movie Club, Inc….Family Video Movie Club Inc.

Type	Private
Key people	Charles Hoogland, CEO Keith Hoogland, President Eric Hoogland, Vice-President
Owner	Highland Ventures
Number of employees	~7,000
Website	www.familyvideo.com

Did all Family Video stores closing?

End of dialog window. Facing an already shrinking business, the pandemic proved too great a wound for America’s last major video rental chain to survive and on Friday, Family Video will close the last of its 700 stores. The end of an era, it comes at a hauntingly appropriate time.

How does Family Video stay in business?

Family Video’s ability to stay open is due in part to the company owning its buildings instead of leasing. As the video rental business shrunk, they weren’t stuck with high rent costs and could adjust the size of the store to meet demand.

How is Redbox doing financially?

As for the DVD business, the picture got ugly during the pandemic. Redbox revenue dropped to $289 million last year, due to a paucity of new releases and the lingering effects of Covid, from $546 million in 2020 and $853 milion in 2021.

What killed movie rental stores?

However, stores like Blockbuster and Family Video started reaching extinction because they couldn’t keep up with the demand and accessibility of modern streaming and video on demand services. Most people don’t even own a DVD player anymore.