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Movie Gallery Inc., owner of the GameCrazy, Hollywood Video, and Movie Gallery franchises, is officially closing its remaining 2,415 outlets across the US. An
internal memorandum obtained by Joystiq confirms
reports that the company will be closing its doors and liquidating its remaining stock over the coming weeks. “A decision has been reached by the board of directors to liquidate the entire assets of the organization,” the document reads.
The piece also notes that the store closing sale will “likely continue for up to 60 days” and that employees who stick it out to the end will receive “store associate incentive plans” as a reward. Additionally, it assures said employees that “The company expects to continue to pay associates and provide current benefits and insurance programs during your active employment until you are released from the store or the store closing sale ends.”
It would appear that discount levels and liquidation plans have yet to be finalized at the company. “We are also in the process of evaluating liquidation vendors who will oversee the store closure and sale process in conjunction with our company … the consultants will advise us on appropriate discount levels, advertising, in-store signing and in-store merchandising in order to facilitate a smooth process.” And though it’s not explicitly spelled out, the piece states that “most” normal operating procedures and company policies will persist through the closings.
We wish the best of luck to the approximately 19,000 employees affected by the closure.
GameCrazy internal document confirms liquidation of remaining stores originally appeared on Joystiq on Wed, 05 May 2010 09:30:00 EST. Please see our terms for use of feeds.
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