Movie Gallery in Chapter 11, closing stores
Bankruptcy
The nation’s second largest video chain submitted a Chapter 11 petition to the bankruptcy court in Richmond yesterday. Movie Gallery, which also owns Hollywood Video, has headquarters in Oregon.
Movie Gallery owns 16 locations in the Richmond area, and seven stores are currently having closing sales, according to its website.
In the new filing the company reported between $10 million and $50 million in assets, and $500 million to $1 billion in liabilities.
This is the second time the company filed for bankruptcy. The last time was in 2007, also filed with the U.S. Bankruptcy Court in Richmond.
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