Andre Yoskowitz
2 Nov 2009 18:12
Following reports that the large chain cannot pay its rent, Movie Gallery is set to close up to 200 more Hollywood Video stores, about 7 percent of all the company's locations.
The chain is the #2 US movie-rental chain behind Blockbuster but both companies continue to lose users and revenue to Netflix and Redbox and Movie Gallery has been hit very hard in recent years, even filing for Chapter 11 bankruptcy in 2007.
The company has closed over 250 stores since the end of summer, with the extra 200 expected by the end of the year. The company has also closed 200 Game Crazy stores this year as well.