Video Update Deal On Hold During Audit

ST. PAUL, MN-Movie Gallery will wait for an auditors' report before going ahead with merger of 330-store chain Video Update. Deloitte & Touche is investigating allegations of wrongdoing by former Video Update managers.

By Jim McCartney | November 07, 2001 at 01:01 AM

Deloitte & Touche is investigating contentions made by a recent preliminary report done for an unsecured creditors committee that alleges evidence of wrongdoing by former Video Update managers, including misuse of expense accounts. Movie Gallery says delaying the court hearing was necessary so Deloitte & Touche or any other auditors can investigate the allegations.

If the deal still goes through, Video Update would become a subsidiary of Dothan, AL-based Movie Gallery, with about 330 stores.

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