NEWS:Movie Gallery Files for Bankruptcy

[BoredSysAdmin]

The Movie Gallery and Hollywood Entertainment filed for bankruptcy, listing more than $500 million in debts. The company said it will close 805 of its Movie Gallery outlets, one-third of its U.S. stores. The Movie Gallery acquired enormous debt after buying rival Hollywood Entertainment for $850 Million in 2005. Thousands of its 19,100 U.S. employees are expected to lose their jobs.

http://www.courthousenews.com/2010/02/04/24385.htm

 

[GlocksRock]

Very unfortunate, but it's just a byproduct of the evolution of the digital age.

 

[BoredSysAdmin]

One Netflix to Rule them All !

 

[darien87]

What's Movie Gallery? And is Hollywood Entertainment, Hollywood Video?

 

[BoredSysAdmin]

Yes, Movie Gallery bought Hollywood Entertainment.

 

[GlocksRock]

I hope Blockbuster can stay afloat, I love their instore exchange program, I use it all the time. I actually just got back from returning some exchanged movies.

 

[Vart]

I stopped at Hollywood Video on my way home from work and there was a big "Store Closing" sign hanging in front. They said they would be open for another 1-2 months. My Power Play plan had been canceled, but I can use up the points I have remaining. As soon as I got home I signed up for Netflix.

 

[Mog]

I wonder what they are going to do with all that inventory? When Circuit City closed they had some great deals.

 

[mikesd]

I wonder what they are going to do with all that inventory? When Circuit City closed they had some great deals.

We have a Movie Gallery in our small town that is closing. I stopped in yesterday to check for used Blu Ray's. They had several for sale @ $14.99 each but they all came in the full sized rental cases , so I passed.

 

[T2T]

I wonder what they are going to do with all that inventory? When Circuit City closed they had some great deals.

I was driving by my local Hollywood Video store which had all of the store closing signs, etc. in place. They also had some signs "3 DVDs for $15" posted, too. If you consider that a good price for previously rented DVDs, that seems to be the level of discount they're offering at the current moment.