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Anime News

Movie Gallery Closing 400+ Stores As Change Depresses Prospects
Date: 11/4/2009
Movie Gallery, which owns the Hollywood Video and Movie Gallery video store chains, is in the process of closing 400 to 450 stores, Bloomberg reports. It has closed 250 stores since September 1st, leaving it with 2921 stores, with another 150 to 200 potentially slated for closings by the end of the year.



The company is also behind on its rent to many mall operators, according to the report, and is attempting to renegotiate rent on stores it wants to keep open.



The rapid expansion of video rental kiosks (see ?Blockbuster Closing Nearly 1000 Stores?), along with the success of Netflix and the various digital means of delivery (including piracy) are pressuring brick and mortar video stores this year in an already down market for DVD sales.



Movie Gallery emerged from bankruptcy last year, after closing 900 stores (see ?Movie Gallery Emerges from Bankruptcy?).
Source: ICv2