Viacom to Shutter 50 Blockbuster Stores: Viacom...

Viacom to Shutter 50 Blockbuster Stores: Viacom Inc. plans to close about 50 under-performing Blockbuster Music stores this year and will take a $100-million pretax charge against fourth-quarter 1996 earnings. The closures, announced Tuesday, will not result in widespread job losses. Viacom said the vast majority of the stores’ full-time workers will be absorbed by other Blockbuster video and music stores. Viacom’s decision follows earlier statements by the company that it was reviewing the performance of its Blockbuster Music stores and might close some. Music retailing in general is in a slump right now. The stores being closed represent about 10% of Blockbuster Music stores and are in locations where sales do not support the operations’ costs.