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Linglestown Gazette: More on Hollywood Video closing

Friday, September 28, 2007

More on Hollywood Video closing



According to news reports, Alabama-based Movie Gallery, Inc. is closing about 520 underperforming and unprofitable Hollywood Video and Movie Gallery stores around the country.

In addition to the store on the outskirts of Linglestown, stores in Elizabethtown, Chambersburg and York are being shuttered in central Pennsylvania.

Over the next two months, the stores will be selling off their stock at a discounted price and finally closing their doors.

The company has been burdened with $1.1 billion in debt due to its takeover of Hollywood Video in 2005. The store closures are part of a plan worked out with lenders to remedy loan defaults.

Movie Gallery is the second-largest North American video rental company. It will operate 4,000 stores after the latest closures.

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1 Comments:

At 11:56 AM, Blogger Harry said...

A friend of mine works there. He's been saying that this was only a matter of time. I figure that something will move in there pretty fast, given the amount of nearby development...

Can you give an update on the restaurants going in on Linglestown Road?

 

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