Movie Gallery plans to close its remaining stores and liquidate as consumers increasingly receive movies through the mail, vending machines and high-speed Internet connections, according to The Associated Press.
Blockbuster Inc. may close as many as 960 stores by the end of next year, shedding more dead weight as the struggling video rental chain tries to reverse its losses and fend off rapidly growing rivals Netflix Inc. and Redbox.
Bankrupt Circuit City Stores Inc., unable to work out a sale of the company, said today it will go out of business — closing its 567 U.S. stores and cutting 30,000 jobs.
January 16, 2009
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