Movie Gallery To Shutter U.S. Stores - Posted by Mehar Gill at May 03 - 2010 - 2695 views|
Struggling retailer will shut down U.S. operations.
Struggling retailer Movie Gallery will be shutting down their remaining U.S. stores, the announcement comes on the heels of the company re-entering Chapter 11 bankruptcy. As of writing it is unclear whether the bankruptcy will convert to Chapter 7. When Movie Gallery first filled for bankruptcy in February of this year debts were reportedly as high as $600 million USD.
The future of Movie Gallery locations outside of the U.S. is presently unknown. Subsidiaries such as Game Crazy and Hollywood Video which was purchased in 2005 are also impacted by the closures.
During its peak, Movie Gallery operated over 4,800 stores across the U.S., Canada, and Mexico. Movie Gallery currently owns approximately 2,415 stores in the U.S. and nearly 200 stores in Canada.
[Via Wall Street Journal]
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