Thursday, August 23, 2007

Hollywood Video going out of business

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.

32 comments:

Anonymous said...

Hell yeah Blockbuster rocks I am so glad we are number One at least I STILL HAVE MY JOB

Anonymous said...

It is a shame that movie gallery is closing there doors. I go to the location in desoto missouri they are so polite. people at blockbuster are very rude. I don't get my movies elswhere. Movie gallery associates get two thumbs up from me. Their prices are no different than blockbuster. I think there should be more workers like the workers at desoto

Anonymous said...

hollywood is a shitty company and hires people that cant function properly at a real job. maybe if they had better management they'd have a greater income of customers.

Anonymous said...

working at a store is a real job even if its a dieing one and the only problem is the management, don't be so ignorant to the lower employees that can't help its not being run properly

Anonymous said...

Um yeah, I have to agree. I'm not unintelligent and I work at a Hollywood Video/Movie Gallery. Times are tough right now and some people who were making over 50,000 annually now have to work at places like that and make under 20,000 annually, myself among them. Don't judge the way a store is run by the lower position employees.

Anonymous said...

Im a store director at hollywood and we get get customers complaining about blockbusters bad customer service all the time and they just closed that blockbuster down. soooo would you say that store wasnt ran by good management?

Anonymous said...

This article is stupid. Blockbuster is doing far worse. My Hollywood is still in business with a Game Crazy built int.

Anonymous said...

well the game crazy part of the business makes the money but poor decisions by upper management in the past have sunk the company to almost being non existant, not to mention the poor economy and netflix and gamefly. It is only a matter of time before the company as a whole goes under. they continue to close stores left and right.

Anonymous said...

To whoever "anonymous" is who said that working at Hollywood Video isn't a real job, I've worked there for almost 2 years. It IS a real job. When you take shit from people and try your hardest to make the bosses happy, it's a job. I WISH you were in my town and told me that I was hired because I can't function properly. Do not judge the people who work in the store just because the company sucks. It says nothing about the individual.

Anonymous said...

There is nothing wrong with Hollywood video. Notice that they only started going under once Movie Gallery bought us out. They're the ones that drove us under. Now I'm a 20 year old collage student, living with my boyfriend, and I'm looking at loosing my job before Christmas. Thanks a lot guys.

Anonymous said...

renting new dvd releases out of the redbox for just $1 a night is what is putting all these companies out of business unfortunately :(

Anonymous said...

unfortunately the redbox is what is putting all the video places out of business. renting a new dvd release out of the redbox for just $1 a night, well you cant beat that.

Anonymous said...

unfortunately the redbox is what is putting all the video places out of business. renting a new dvd release out of the redbox for just $1 a night, well you cant beat that.

Anonymous said...

their problem are the dm's rm's and higher. hollywood and game crazy just want to rape customers for their money. for them it's not about customer service anymore. i know, i used to manage a game crazy for four years. that's why they are going under.

Anonymous said...

I worked for Hollywood Video for 2 years as a Shift Director and as a whole the experience wasn't terrible the biggest problem in the District/Stores I worked in was we never had an actual Store Manager for more than 5-9 months, we actually had one for 3 months, so primarily I blame the local management.

Anonymous said...

To the person who said hollywood start going under only after movie gallery bought them out- well think about what you are saying you were bought out because the company had a huge debt- movie gallery was a profitable company until they bought hollywood video- then movie gallery started doing things hollywood was doing so thats why both companies are going under- not to mention all the bad decisions that the upper management makes they are sinking the company

Anonymous said...

I love hollywood video...

stephen said...

It's management stupid! The employees are not to blame here! I work for the USPS and the same thing is happening there too! Don't shoot the messenger!!!

Anonymous said...

ya block buster is now going out of business as well it was stated just tonight on the news

Anonymous said...

Game crazy along with block buster and hollywood videos can just drop and go out of buisness all 3 of those companies overcharge for everyting especialy gamecrazy, I for one LOVE my red box- 1$ rentals bithches- and my gamestop which actualy puts the costumers before a dollar,,,,,kind of drunk here, and fuck all u that work at bb or HolywoodV it's life no one cares about u exept ur parents pwned B===>

andrew said...

its movie downloads piracy same thing that happened to music stores 10 years ago when they started going under from all the illegal music download. People selling music disc and movies in every corner. The end of movies in disc era is almost here. Expect to see ipods that can store hundreds of movies soon. Dvd's in the redbox for 1 dollar is not to blame. Blu-Rays was supposed to be the next push to stop all the piracy illegal downloads but its a wrap too late the big dogs are going under too quick. Go ahead take your jabs at the video places they didnt do anything wrong but all you unhappy ppl will come out and bitch and blame it on service ect.

Anonymous said...

It's also the ON DEMAND part from COMCAST. It's most likely going to be the next big thing. It's cheaper, you don't have to leave your house, and no late fees. The bad thing about ON DEMAND, they might not have some of the movies you want to watch. Plus, switching to cable.

Anonymous said...

it sucks because blockbuster doesn't clean games like hollywood video

Anonymous said...

i work for hollywood video and the blame is def on upper management..they want you to sell whatever stupid program they have going at the time, which they claim is a good deal but is just designed to rip people off ie powerplay..they purposefully only sell it to you on an auto renew program so you forget and are then charged for another two months for a program you are no longer using...hollywood is deffinetly going to go completely under in the next two years..they have already closed over 12 stores in the portland oregon vancouver washington area..the portland stores were closed without any notice to employees ...they litteraly changed the locks at all the stores connected to fred myer because they didnt pay rent...the employees found out they were out of a job when the alarm company called them because fred myer was there after they closed changing all of the locks...as for redbox...meh yeah the have cheap movies but you forget you have it till a week later and then you just payed 7$ for a movie instead of one...the real cause is internet piracy ..i would know i download movies illegally all the time...why would i go rent a movie when i can steal it off the internet 3 months before its out on dvd...when the dvd is getting mad in the factory there is a dvd rip of the movie a day or two later...anyway i hope my store closes cause i would be making more money off unemployment than the shity hours they give there employees now

Anonymous said...

you know what it just stuip they need to get it poping. and get swag and the video like swag car and some connect that people like. super star like it was a alot of people of see cris brown movie this chisrtmas like sing and stuff. and that will be a great connect that people like and they will not be going out of business.

Anonymous said...

They need 2 git me the one and only oueen B I HAVE THE BEST SWAG

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Anonymous said...

Howdy Guys

Are there any Blu-Ray/dvd

combination players?
I know there are dvd/vcr players. Are there any players which perform both dvd and blu-rays that I can buy instead of purchasing two different players?

Regards !

Anonymous said...

Hi : )
You are shopping on the web or in-store? which would you prefer? truly wondering lol.. i love in-store because i don't really like waiting for it to come!
Cheers
Jessy

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