I've heard rumblings the past week about this, but it's damn near official now.
Movie Gallery, whose shares have fallen from $5.29 in January to $.30 in mid-day trading today (Wednesday) may see its shares falling right off the NASDAQ list. The company said Tuesday that it had received notices from NASDAQ that its stock has dropped below the $1-per-share minimum over a 30-day period that is required to maintain a listing on the stock exchange. Movie Gallery -- the second-largest movie renter behind Blockbuster -- has recently been unable to make payments on its debt, largely incurred as a result of its recent acquisition of the Hollywood Video chain and last week extended until August 27 a forbearance agreement with lenders.
It's a shame, but they could never match Blockbuster so in a way maybe it was inevitable. Netflix, of course, has replaced Hollywood Video as Blockbuster's competitor.