As expected, Bloomberg reports that Movie Gallery has again filed for bankruptcy.
The owner of the Hollywood Video chain exited its first bankruptcy in 2008 as Netflix Inc., which rents movies by mail, and Coinstar Inc., operator of Redbox movie-rental kiosks, continued to lure customers away from traditional stores.
Movie Gallery, based in Wilsonville, Oregon, first sought protection in October 2007 following two years of losses in the face of increased competition from Blockbuster Inc., the world’s biggest movie-rental chain, and Netflix.Movie Gallery, like Blockbuster, faces a war in stores with kiosks and online with Netflix, and unlike Blockbuster, was unable to respond.
Thanks to Gowan for sending this in.
MovieMiguel.com
