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Hollywood Video Stores In Trouble

PORTLAND, OR-The owner, Movie Gallery Inc. filed for bankruptcy in February for the second time.

By Wall Street Journal | Updated on May 03, 2010

PORTLAND, OR-Movie Gallery Inc., based in Wilsonville, OR, plans on closing more than half its 2,415 US outlets, according to The Wall Street Journal over the next couple of months.

The company, which includes Hollywood Video and Game Crazy, filed for bankruptcy in February for the second time in roughly two years. As GlobeSt.com previously reported, Movie Gallery filed a reorganization plan with the US Bankruptcy Court in October 2007, when at the time, it operated 4,430 stores.

On February 2, 2010, Movie Gallery filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code. The action enabled the company to restructure its debt while continuing to operate the business, according to a company release. The filing does not include its Canadian operations, which continue business as normal.

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