Dothan, Al. (WSFA) -- It's another round of closings for Dothan based Movie Gallery Inc.
On Thursday the company announced it will close another 160 underperforming Movie Gallery and Hollywood Video stores in a third and final round of closings. Three of those stores are in Alabama including ones in Elba, Abbeville and Tuscaloosa.
Joe Malugen, Chairman, President and Chief Executive Officer of Movie Gallery, said, "While the decision to close stores is never easy, this final consolidation will allow us to further focus our resources on those stores with the strongest operating performance and best prospects for growth after we emerge from bankruptcy. This is another positive step forward in our restructuring to position the Company for profitability and long-term success. "
DOTHAN, Ala., April 2, 2008 - Movie Gallery, Inc. ("Movie Gallery") (OTC Pink Sheets: MOVIQ.PK) today announced that it plans to close approximately 160 underperforming Movie Gallery and Hollywood Video stores in its third and final round of store closures. This consolidation of store operations is in addition to the closures previously announced on February 4, 2008 and September 25, 2007.
"Movie Gallery remains committed to its loyal customers and talented employees.We will work with customers at affected stores to transfer their accounts to other nearby Movie Gallery and Hollywood Video locations where possible," continued Mr. Malugen.