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ST PAUL, MN-Video Update, one of the nation’s largest video rental chains, has defaulted with a major lender and has tapped out its sources of credit.

The St. Paul-based chain, which has 586 company-owned stores and 35 franchised stores in the U.S. and Canada, could have trouble meeting its extensive nationwide lease obligations.

Video Update’s fourth quarter loss of $24.9 million came on sales of $48.9 million, down 18 percent from the previous fourth quarter sales – reflecting the fact it closed 69 stores while adding just three new ones.

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