The local Movie Gallery store in Oxford is having a going out of business sale after filing for Chapter 11 bankruptcy.Based in Wilsonville, Ore., the movie and game rental chain is the nation's second-largest video rental company. It operates Movie Gallery, Hollywood Video and Game Crazy stores. At one time, the company had more than 4,500 stores in the United States and Canada. The movie and game rental chain filed for bankruptcy in February, the second time it has done so in three years.
"We are closing these stores because they are not profitable and because funds from liquidating them can help us in moving forward," Movie Gallery said in a statement earlier this year. According to a company press release, it will close 805 "poorly performing" stores this year due to increased competition, such as Redbox and Netflix services, and a reduced number of blockbuster video game releases.
Two Movie Gallery locations in Oxford are closing their doors. The store located at 1929 University Avenue is closing as a result of bankruptcy. However, the store at 1501 Jackson Avenue West is shutting down due to a landlord situation. No details were given about the recent liquidation.
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