The Wall Street Journal reports that the owner of the Hollywood Video movie rental chain plans to close all its more than 2,400 stores, essentially conceding that it is unable to compete with alternative distribution services ranging from Netflix to Redbox.
The company, Movie Gallery, had already declared bankruptcy and announced that it would close more than half its stores, but this new development puts the final nails in the coffin. Still unknown is whether the company will keep open its 184 Canada stores.
The company, Movie Gallery, had already declared bankruptcy and announced that it would close more than half its stores, but this new development puts the final nails in the coffin. Still unknown is whether the company will keep open its 184 Canada stores.
- KC's View:
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Yet another reminder of how fast the retailing world can change...and how reality can come crashing down and make certain kinds of retail formats virtually obsolete. Every retailer should take note.
