Stiff Competition Pushes Movie Gallery Back To Ch. 11

By Nick Brown

Law360, New York (February 03, 2010, 4:28 PM ET) -- Confirming rumors that began swirling last week, video store chain operator Movie Gallery Inc. has filed for Chapter 11 protection for the second time in two years, saying it plans to close nearly 750 stores in the U.S. and Canada.

Wilsonville, Ore.-based Movie Gallery, which operates the entertainment rental stores Movie Gallery, Hollywood Video and Game Crazy, filed a voluntary bankruptcy petition Tuesday in the U.S. Bankruptcy Court for the Eastern District of Virginia, citing a failure to meet financial covenants with creditors amid a highly...
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