Movie Gallery has retained the Los Angeles-based Great AmericanGroup to assist with the liquidation. That firm has worked in thepast with Eddie Bauer, Kmart, OfficeMax ands other retailers inassisting with dispositions.
Last month the retailer was notified by Nasdaq that it is not incompliance with filing requirements because for 30 days its stockhad traded at under $1 and it had not maintained a minimum marketvalue of $15 million. From Aug. 17 it had 180 days to comply withthe first infraction and 90 days to increase its value.
In its second quarter, reported Aug. 10, same-store sales fell4.7% year over year, while total revenue fell 6.7%, to $561million. The company posted a net loss of nearly $310 million, dueto the liability of loans in relation to its acquisition ofHollywood Entertainment in 2005.
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