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Movie Gallery/Hollywood Video Plans To Close Additional Stores In 2008

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Movie Gallery/Hollywood Video Plans To Close Additional Stores In 2008

Old 01-25-08, 12:16 AM
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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":

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.
The story offers no details as to when the closings might begin or which stores will close.

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