Movie Gallery & Hollywood Video Gets Extension

Follow up to: Movie Gallery Parent Of Hollywood Video Will Be Adding Pink Slips To Their Shelves

Cindy F. Crawford writes in the Birmingham Business Journal that Movie Gallery has received and extension till Aug. 19, 2007. It would appear that movie Gallery has caught up with their payments and creditors are waiting to see if the company is capable of making the next payment on time.

With so many jobs at stake, this is a huge issue. My hope is that the company uses this time wisely and finds a path that retains the greatest number of jobs.

From my previous article:

“It would appear that the company is in worse shape than their letting on, the restructuring of their senior debt only happened last February, and after one “softer than expected” quarter they are unable to meet their payments”