Movie Gallery/Hollywood Video Plans To Close Additional Stores In 2008
01-24-08, 11:16 PM
#1
Member
Thread Starter
Join Date: Feb 2006
Posts: 195
Likes: 0
Received 0 Likes
on
0 Posts
Movie Gallery/Hollywood Video Plans To Close Additional Stores In 2008
Posted today (01/24/08) on Internet Movie Database's "Movie & TV News: Studio Briefing":
The story offers no details as to when the closings might begin or which stores will close.
Movie Gallery Shutting Down More Stores
Movie Gallery told a federal bankruptcy court in Virginia Wednesday that it plans to close several hundred additional stores and asked the court for permission to spend about $1 million to pay its employees bonuses while those stores are being closed and for severance payments when they actually shut down. The company has already closed nearly 600 underperforming and/or unprofitable stores under "Phase 1" of its bankruptcy plan. Nevertheless, it continues to operate about 3,640 Movie Gallery, Hollywood Video, and Game Crazy stores.
Movie Gallery told a federal bankruptcy court in Virginia Wednesday that it plans to close several hundred additional stores and asked the court for permission to spend about $1 million to pay its employees bonuses while those stores are being closed and for severance payments when they actually shut down. The company has already closed nearly 600 underperforming and/or unprofitable stores under "Phase 1" of its bankruptcy plan. Nevertheless, it continues to operate about 3,640 Movie Gallery, Hollywood Video, and Game Crazy stores.
