The Wilsonville, Ore.-based Movie Gallery Inc. announced plans last Friday to close the remaining 1,900 Hollywood Video stores and liquidate its operations in the U.S.
The company filed the notice in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond.
This decision follows the company’s February filing for Chapter 11 bankruptcy, the second time in three years that it has been forced to do so.
Revenue for the company fell from $2 billion to $1.4 billion for last year. DVD kiosks, over-the-Internet services, and movies-by-mail success have been blamed for the company’s declining profits.
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