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Article: Movie Gallery not a pretty picture.

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Video Business
Article date:
July 9, 2007
Copyright

By Cindy Spielvogel

Chain considering sale after loan default

Movie Gallery is considering the sale of all or part of the company following softer-than-expected second-quarter revenue, which caused the company to default on its senior credit facility.

Movie Gallery said it will consider divesting assets, recapitalization, alliance with strategic partners and a sale or merger. It also plans to accelerate store closings and realign its cost structure to better reflect its reduced size.

Analysts predicted last week that the rental chain may have no recourse, however, but to file for bankruptcy protection.

Michael Pachter, ...

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