Those predicting the death of traditional video stores just got one more canary in the coalmine: Hollywood Video, the second-largest rental chain in the nation, has said it will close all of its remaining 1,900 stores and liquidate its assets beginning this month. The announcement comes after the chain—which had been struggling financially in the last few years, pretty much ever since resisting a buyout from No. 1 franchise Blockbuster—declared bankruptcy in February, with the company finally agreeing to fold late last week after defaulting on a major loan. While there’s no specific timeline in place, Hollywood Video stores are expected to stay open for at least the next couple of months until the liquidation process is complete.
Join the discussion...