Movie Gallery reports loss for month
By Cindy Spielvogel -- Video Business, 5/15/2008
MAY 15 | Movie Gallery reported a net loss of $49.8 million on revenue of $151.6 million for the month ended April 6.
The company is required to file monthly statements during its Chapter 11 bankruptcy.
Hollywood Entertainment stores accounted for $33.2 million of the loss on $102.1 million in sales, while Movie Gallery stores lost the remaining $16.6 million on $49.5 million in revenue.
For the entire period since the bankruptcy was filed on Oct. 16, Movie Gallery has lost $133.3 million on $1.08 billion in revenue.
Hollywood accounted for $124.4 million of the total loss on $741.9 million in revenue, while Movie Gallery stores have lost $8.9 million on sales of $337 million.
Movie Gallery’s reorganization plan has been confirmed by the U.S. Bankruptcy Court in Richmond, Va., and the company has said it expects to emerge from bankruptcy this quarter.
