Paul Niedergang is one of those customers. He marveled that not long ago - in 2007 - Hollywood Video was at the center of a billion dollar bidding war between Blockbuster and Movie Gallery.
“I’ve been thinking this model was doomed to failure,” he said.
Hollywood Video’s parent company, Movie Gallery Inc., filed for bankruptcy last week and said it will continue to operate while it is in bankruptcy. It said a court in Virginia approved the use of cash on hand for operations.
Hollywood Video isn’t the only video-rental chain in trouble, its chief competitor, Blockbuster is struggling too. Its stock closed at 38 cents a share Tuesday and it plans to close 20 percent of its stores by next year.
With Netflix mailing movies to homes, movies available on iPhones, and Internet-ready televisions providing almost endless entertainment options, the days of going to the corporate video store are becoming rarer. They key to survival may be finding a niche.
Take, for example, Movie Madness in Southeast Portland. It has found success as a movie museum, containing treasures like the actual costume Peter Boyle wore in Young Frankenstein and 50,000 titles of current and older, hard to find, material. A lot of it has yet to be converted to digital.
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Compiled list of Resignations from top corporations and other various fields
Animals can sense seissmic activity before the actual event occurs, allowing them time to flee for safer grounds. CEO’s can sense seismic activity in the business world, and it looks like they are heading for safer grounds too, just like the animals.
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