//edit: This is probably better suited for the OT forum
I just caught this little blurb. For those that don't know, Movie Gallery owns Hollywood Video and Game Crazy.
*sigh* I get a feeling that GC is about to get sold to Gamestop just so Movie Gallery can continue plugging away with Hollywood Video.
http://www.chron.com/disp/story.mpl/business/5045863.html
I just caught this little blurb. For those that don't know, Movie Gallery owns Hollywood Video and Game Crazy.
*sigh* I get a feeling that GC is about to get sold to Gamestop just so Movie Gallery can continue plugging away with Hollywood Video.
http://www.chron.com/disp/story.mpl/business/5045863.html
Movie Gallery, a video-store chain burdened by more than $1 billion of debt, said it may not have enough cash to continue operating after reporting its fifth straight quarterly loss.
The company, based in Dothan, Ala., has tapped its entire credit line and said Goldman Sachs Group may foreclose on its loans by Tuesday if it is not satisfied with Movie Gallery's attempts to raise capital. The company has been struggling with debt since buying Hollywood Video for $1 billion in 2005 to compete with Blockbuster and Netflix.
"They kind of have to declare bankruptcy," predicted Michael Pachter, an analyst at Wedbush Morgan Securities in Los Angeles.