Beleaguered Movie Gallery shuts another 400 stores

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Movie Gallery on Monday announced plans to close an additional 400 stores as part of its reorganization plan as it attempts to exit bankruptcy.

The nation's No. 2 video rental chain behind Blockbuster said it is closing underperforming and unprofitable stores that operate under the Movie Gallery and Hollywood Video names. The company in September announced the closure of 520 stores.

Movie Gallery sought Chapter 11 bankruptcy protection in October. The chain has 3,890 stores throughout the U.S. and Canada.
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