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Ch. 11 repeat for Movie Gallery

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High Five
Thursday, February 04, 2010

Wilsonville-based Movie Gallery Inc. has filed for its second Chapter 11 bankruptcy protection since 2007, announcing plans to close 760 stores.

Even after acquiring Hollywood Entertainment Corp. in 2005, the movie rental chain has been suffering from the economy and lagging behind competition.

By closing about a third of its store base, Movie Gallery said, it aims to restructure its debt and continue operating...

After the store closures, the Wilsonville company said, 1,906 will remain: 1,111 Movie Gallery, 545 Hollywood Video and 250 Game Crazy stores. But the company said more closures are possible as the bankruptcy progresses.

Read the full story at OregonLive.com.

{biztweet}Movie Gallery bankruptcy{/biztweet}

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