Movie Gallery clears objections from landlords
By Cindy Spielvogel -- Video Business, 11/6/2007
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NOV. 6 | Movie Gallery has resolved objections that landlords had made regarding its plans to auction off more than 500 leases on stores the chain is closing and the procedures involved in closing those stores.
Movie Gallery will now be subject to the landlords’ normal policies involving the hours in which store closing sales can be conducted, the types of signs that may be used and related issues. Movie Gallery also has been given a limit of 60 days to conduct the store closings.
Companies such as Wal-Mart and supermarket chains Publix and Safeway had joined other shopping center landlord groups in objecting to the U.S. Bankruptcy Court’s initial orders on the matter.
Court filings by the landlord groups objected to Movie Gallery stores being allowed to conduct business related to the store closings “however they see fit,” without regard to the landlords’ policies on hours, advertising and other concerns.
Movie Gallery still will be allowed to auction off the leases to the stores it is closing, but the landlords will now have more leeway in bidding on the leases themselves so they can be involved in deciding who their new tenants will be.
Movie Gallery worked out settlements with the landlords before a scheduled hearing on the objections Nov. 6, when the court gave its official approval.
Also at a Nov. 6 hearing, Movie Gallery was granted the right to continue to conduct business with the studios so the chain can operate during the bankruptcy.
Movie Gallery filed plans for a prepackaged chapter 11 bankruptcy in U.S. Bankruptcy Court in Richmond, Va., Oct. 16, after experiencing insurmountable financial problems.
The company also has received final notice of its stock being delisted by NASDAQ.
