Game Crazy can't catch a break as parent-company Movie Gallery has filed for chapter 11 bankruptcy. When the dust settles, only 250 Game Crazy locations will remain. The company already closed over 200 locations late last year. In total, Movie Gallery plans to immediately liquidate and close 760 stores in its financially fallible trinity of brands: Movie Gallery, Hollywood Video and Game Crazy.
The company hopes to emerge from the "restructuring" with a "new and sustainable business model centered on a smaller base of profitable stores." The only division of the business unaffected by the bankruptcy is the company's Canadian operations. At least that's one good thing, eh?
Source: Joystiq.com
Man...Game Crazy just needs to be laid to rest. First just about every location near me here in MN closes down, along with TONs of Hollywood videos and now this? Looks like GameStop and companies like Blockbuster and Netflix are just ruining those small time movie and video game places. It's a wonder places like GamesNGo here in Brooklyn Park are still able to keep afloat, even with a GameStop less than a quatar mile away.
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