Movie Gallery to close
Published 12:00 am Wednesday, May 12, 2010
Movie Gallery announced Monday it is rolling the final credits on all of its stores, including the one in Andalusia.
“It is in the best interests of the company and other parties to wind down the business,” Movie Gallery said in papers filed with the U.S. Bankruptcy Court in Virginia.
Movie Gallery, which got its start in Dothan, Ala., in the 1980s, filed Chapter 11 bankruptcy in February, its second filing since 2007.
A local employee Movie Gallery employee confirmed Tuesday that the local store’s days are numbered. As of last night, the store was still renting movies.
The employee, who spoke on the condition of anonymity, said local employees found out about the impending closure Fri., April 30.
“We were told it could be anywhere from two to 10 weeks,” the employee said. “We don’t know anything about what’s happening.”
And that includes what will happen to the store’s inventory.
Other stores that have recently closed have sold their inventory at lowered prices.
Phone calls to Movie Gallery’s media relations department went unanswered.
In fact, a recorded message in the media relations department stated the company was “for the most part” not responding to media inquiries. The message also said Movie Gallery would not return selected messages.
The company reached its height in 2005 and operated as many as 176 stores in Alabama.
In 2008, Movie Gallery shares were removed from the stock market after falling below a penny a share. In 2003, shares reached an all-time high of $33.43 per share.
The Opp location closed a couple of weeks ago.