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Movie Gallery files for Chapter 11


October 17, 2007 Devastated by online competition and buried beneath debt, Movie Gallery said Tuesday that it has filed for Chapter 11 bankruptcy protection. Late on Monday, Movie Gallery also got interim bankruptcy court approval to access $140 million of $150 million in debtor-in-possession financing arranged by Goldman Sachs, which will help Movie Gallery to continue managing its business and pay its bills. Movie Gallery operates 4,430 stores in U.S. and Canada under the names Movie Gallery, Hollywood Video and Game Crazy, though the Canadian operations are not included in the bankruptcy plan.

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