Blockbuster Video - The demise of a giant

I'm sure most of you have heard that Blockbuster video will be closing it's doors on it's remaining 300 stores within the next few months. They bailed out of our area four or five years ago. I know that Blockbuster made a weak attempt to compete with Redbox and Netflix. I just don't understand how a company that large could fail. My guess - bad management and a failure to recognize emerging technology and adapt with it.

Exactly, they didn't recognize the technology was evolving and they were late to the party when we all moved to the internet and Redboxing..