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Going Out Of Business: All Movie Gallery Stores To Be Closed
May 12, 2010
Movie Gallery will soon be a memory with all stores — including Atmore and Flomaton set to close. The Cantonment store is already nearing shutdown.
Already in bankruptcy, the company filed papers with the U.S. Bankruptcy Court in Virginia on Monday announcing the once profitable chain will close every store.
“It is in the best interests of the company and other parties to wind down the business,” the company said in the court filing.
Dates for the store closures in Atmore and Flomaton have not been announced. The Cantonment store no longer rents movies; the store’s inventory is being sold off.
When the company went public in 1994, Movie Gallery had 324 stores in nine states, stock was at $14 per share and sales were at $38 million per year. By 2003, Movie Gallery operated 2,200 stores coast to coast and sales were at nearly $700 million. In 2005, stock hit a high of $33.43 per share.
Movie Gallery stock was removed from public trading in 2008 after a share’s value fell to less than a penny. Movie Gallery’s bankruptcy court filings show assets up to $50 million and debts up to $1 billion.
The company has not released more information about its shutdown. The company provides a recorded message to the media saying that it will not take questions.
Industry analysts say the company’s demise was due to the surge in popularity over the online, through the mail service Netflix and the standalone Redbox kiosks.
Comments
18 Responses to “Going Out Of Business: All Movie Gallery Stores To Be Closed”
I AM SO GLAD MOVIE GALLERY IS NOW ALL CLOSED AND THAT U CAN RENT FROM BLOCKBUSTER ONLINE OR INSTORE OR RENT FROM NETFLIX OR REDBOX MOVIE GALLERY PRICES WAS TOO HIGH BYE BYE BYE
MOVIE GALLERY
I think it’s stupid that Movie Gallery is going out of business. Me, my brother, and my friend Zach went in there so I could buy some movies and games and it was the day of our branding. We’re getting a new building called Mr. Movies and I wonder if it’s gonna be good and I’m not sure if Mr. Movies is gonna be moving into other Movie Gallery stores. My brother told me and my mom the reason why Movie Gallery is going out of business is because everybody is switching to Red Box and Netflix.
i think it is stuped that a store that big has to shut down because some on was beeing stupid and now whare am i going to get my movies form and i have a xbox 360 and a alrey need more games for it but i cant get any from movie gallary because it is closeing down and if they put another store wen movie gallary closes down it will not be the same movie gallery was a grat store and in the pas movie gallery had lots of people wore going thair and buying movie wen it was not closeing down well good luck to all movie gallery stores good luck
I AM GLAD MOVIE GALLERY IS GOING OUT OF BUSINESS BECAUSE
NUMBER 1 THEY HAD MOVIE RENTALS TOO HIGH AND NUMBER 2 THE WORKERS WAS NOT ALWAYS NICE ABOUT THERE JOB AND NUMBER 3 THEY HAD POWERPLAY THAT COST LIKE 40.00 FOR UNLIMITED MOVIES WHEN U COULD RENT MOVIES AT NETFLIX FOR ALOT CHEAPER LIKE 3 MOVIES OUT AT A TIME UNLIMITED 17.84 AMONTH COME ON THEY DID IT TO THEMSELVES THATS WHY THEY ARE GOING OUT OF BUSSINESS
I am an employee of Movie Gallery and am still in shock over the fact I am losing my job. I hate to say it but it seems like the executives made poor financial decisions in the past. I know they tried to keep the company going, but it just wasn’t enough.
I hope all of us are able to move on and find other employers in this difficult economy….GOOD LUCK!
I work at one, but once we close, Blockbuster will be a monopoly. At that time I plan to open my own store. I think with my experience, I could profit for now.
well i for one will hate to see them go, everyone that works there are really nice people and now where are we suppose to go to rent movies.
I’am glad to see this movie gallery gone !
Most movie rental shops only have new movies which aren’t any good, anyway. There needs to be a way to rent any movie without signing up for a “subscription” like NetFlix. That would work for those of us who only rent about 1 movie per year.
as a relative of an employee that has been working with Movie Gallery for more than 10yrs. this is going to be hard on her because this was her only means of income. Movie Gallery should have known this was going to happen when they bought out hollywood video. which was a bad move because they got in over their heads. and for them to do this now……..as bad as the econmy is and for people being out of work this just adds more people to the unemployment line. to the employees of Movie Gallery, hang in there for GOD will find you a place to work. HE always makes MIRACLES HAPPEN.
Movie gallery always had a poor selection , You could not go in and rent older famous/popular movies. And they were expensive
are you SERIOUZZZ? I LUV movie gallary!
Are the stock in the local stores going to be sold to the public or shiped off and sold?
It’s sad to see, I can remember way back when Movie Gallery opened in Atmore, alongside Dominoes Pizza. : (
Can’t compete with a machine that doesn’t require a paycheck to live off of
It was partly because of redbox and nexflix, but primarily because of our own powerplay program, and because of movie gallery buying out hollywood video when movie gallery was profitting and hollywood was in massive debt. everything in combination because of stupid higher up decisions caused this. It would have happened due to online media sharing in time anyways…this just sped up the process.
I knew as soon as we started using Netflix and renting from the Redbox outside Walgreen’s that Movie Gallery’s days were numbered. The other services are very convenient and inexpensive.
Dang! I hate that these movie places will be closing their doors, because that is where I rent my movies! NOW WHAT? Guess I’ll have to find a different source of getting to watch movies… I also hate it for the workers, because this is going to put them without a job as well…