Movie Gallery’s outlets in Oswego County will not be affected, at least initially, by the company’s move to close nearly one third of its stores.
The company, which owns the Movie Gallery and Hollywood Video rental store chains, and the Game Crazy videogame chain, filed for bankruptcy protection from its creditors late Tuesday in a Virginia federal court.
In its bankruptcy petition, quoted by the Portland Business Journal, Movie Gallery said it had debt that was approximately 50 times larger than its assets.
Its revenues fell off a cliff in 2009, while its operating losses grew.
This is Movie Gallery’s second bankruptcy filing.
Movie Gallery will close 760 of its 2,415 stores.Ã‚Â Closing sales, using a liquidation firm, began hours after the bankruptcy filing. The company said on its website, “We are closing these because they are not profitable and because funds from liquidating them can help us moving forward.”
Movie Gallery operates stores in Fulton and Pulaski.Ã‚Â The company said the status of stores can be determined by using the store locator on the company’s website.Ã‚Â Using the locator, it appears to be business as usual for the two Oswego County stores.
Movie Gallery will close, according to the website locator, these stores:
- Clifton Park
- Port Washington
Map of stores scheduled to close: