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Hollywood Video Files For Chapter 11 ... Again

Posted Thursday, February 04, 2010 in Retail Stores/Products
by Greg Hudson

The owner of Hollywood Video, Movie Gallery, Inc., has filed for Chapter 11 bankruptcy protection for the second time in three years. A significant number of store closings are expected, Bloomberg reported. 

Movie Gallery listed their debt at $500 million to $1 billion and assests of as much as $50 million.

The video rental chain has been losing customers to Netflix and Redbox movie-rental kiosks. 

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Comments

This news actually isn't that surprising. There used to be a Hollywood Video by my house but that's been closed for a long while and I've seen other stores closing too. The only good thing about it is that you get to buy DVD's at a discounted price. Just make sure they're in good condition.
Comment By Elaine Roxane Winter At 2/4/2010 11:22 AM

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