Video Rental Giant Files For Bankruptcy
Movie Gallery has filed for bankruptcy. It is just too hard to compete with low sale prices at places like Target, Wal-Mart, and Costco, and all of the home delivery systems for movies - and, course, other rental chains.
Movie Gallery, the nation’s No. 2 video rental chain, sought Chapter 11 after months of struggling with debt from its purchase of rival Hollywood Entertainment Corp. for $1 billion in 2005.
The Dothan, Ala.-based company, which also has tried to fight off online competition, announced plans
last month to close about 520 unprofitable stores, and said on its website that it might shut down stores during the reorganization.
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