The company operates 2,027 Hollywood Video stores, which compete with Blockbuster in both urban and suburban markets. Netflix and Blockbuster’s Total Access plan have also hurt Hollywood Video.
Movie Gallery has struggled since 2005, when it paid $862 million for the parent of Hollywood Video and assumed $385 million in debt. Movie Gallery said it can continue to operate “without interruption,” but is asking lenders to relax some debt conditions.
It competes with Blockbuster in both urban and suburban markets, as well as Netflix and Blockbuster’s Total Access plan.
Link: The Chain Store Age
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