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Show over for Hollywood Video

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High Five
Tuesday, May 04, 2010

Movie Gallery announced it will close all 35 of its Hollywood Video stores in Oregon and phase out its corporate headquarters in Wilsonville. The Oregon closures are part of the nationwide shutdown of the company's nearly 2,500 outlets.

The company had previously planned to close only half of its stores when it filed for bankruptcy in February.

Hollywood Entertainment, founded by Mark Wattles, grew from its Oregon base to become one of the titans of the video rental business along with Blockbuster Inc. By 1999, the company's torrid store-a-day expansion had pushed annual revenue past the $1 billion mark, a remarkable achievement for a company that in 1993 reported sales of just $17 million.

But swift technological change and an ill-fated acquisition by Movie Gallery combined to kill the company. Hollywood began negotiating a merger with Movie Gallery in large part to fend off a takeover attempt by Blockbuster.

Read the full story at OregonLive.com.

{biztweet}Hollywood Video close{/biztweet}

 
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