Title: Going Out Of Business: All Movie Gallery Stores To Be Closed : NorthEscambia.com
Headings: Going Out Of Business: All Movie Gallery Stores To Be Closed
Going Out Of Business: All Movie Gallery Stores To Be Closed
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18 Responses to “Going Out Of Business: All Movie Gallery Stores To Be Closed”
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Content: 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”
james c iezzi on       January 30th, 2011 10:37 am
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
Tim Stefka on       August 7th, 2010 5:54 pm
I think it’s stupid that Movie Gallery is going out of business.