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February 4, 2010

Hollywood Video seeks Chap. 11

SAN FRANCISCO (AP) — Movie Gallery Inc., owner of the Hollywood Video movie rental chain, has filed for Chapter 11 protection and plans to close 805 stores — about a third of its total.

Its the second trip through bankruptcy court since 2007 for Movie Gallery. The company is struggling with competition from Netflix's mail delivery service and Redbox's $1-per-night kiosk rentals.


 
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