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Movie Gallery to Shutter 805 stores
February 05, 2010
Wilsonville, Ore.-based Movie Gallery Inc., which operates stores under the Movie Gallery, Hollywood Video and Game Crazy banners, plans to shutter 805 underperforming U.S. stores, according to Reuters.com. The closures represent about one-third of Movie Gallery's 2,415 U.S. stores. The company has hired Gordon Brothers Group to assist with liquidating the stores. Movie Gallery and four affiliates (excluding its Movie Gallery Canada Inc. division) also filed for bankruptcy protection on Tuesday with the U.S. bankruptcy court in the Eastern District of Virginia, marking the company's second bankruptcy in three years. Movie Gallery previously filed for bankruptcy in October 2007. It emerged the following year with private-equity firm Sopris Capital Associates LLC and affiliates as its majority equity owner, Reuters reported.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone. Below is video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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