Movie Gallery, Inc. (OTC:MVGR) has received interim court approval to use its cash on hand to maintain ongoing operations. The US Bankruptcy Court for the Eastern District of Virginia, Richmond Division, made the approval so that the company can continue to pay employee wages, salaries and benefits, continue to honor customer programs such as memberships, gift cards, and store credits, and pay vendors for goods and services purchased by the company after the Chapter 11 filing. Movie Gallery also received court approval to retain DJM Realty for assistance in its evaluation and renegotiation of its current leases to help improve the profitability of its store base going forward. Landlords are requested to respond immediately to its lease restructuring requests by contacting DJM Realty at 631.752.1100. The company has also retain Gordon Brothers Group for the handling of its store closing sales associated with the closure of 760 locations.
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Movie Gallery, Inc. (Movie Gallery) is a home entertainment specialty retailer serving urban, rural and suburban markets in North America. The Company owns and operates approximately 3,290 retail stores, located throughout North America, that rent and sell digital versatile discs (DVDs), blu-ray discs and video games. The Company operates through three brands: Movie Gallery, Hollywood Video and Game Crazy. In March 2007, the Company acquired substantially all of the assets, technology, network operations and customers of MovieBeam, Inc, an on-demand movie service. During the fiscal year ended January 6, 2008 (fiscal 2007), the Company ceased operations of its MovieBeam business. On May 20, 2008, the Company announced that it has emerged from Chapter 11 bankruptcy protection.
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