Do you still believe that there’s a big future in moving little polycarbonate discs around the country? Here’s another data point to the contrary; Hollywood Video is throwing in the towel and closing all of its 2,415 U.S. stores. The parent company, Movie Gallery, filed for bankruptcy in February and had planned to close more than half of its stores. It now has changed directions and is going to liquidate the business.
Hollywood Video is the second largest U.S. chain of movie rental stores, behind Blockbuster which is having its own troubles. Between the Redbox kiosks, the Netflix mail rental service, cable on-demand offerings, and the rapid growth of online streaming sources, there’s just not much room left for a local storefront video rental business. And now it looks as though some more prime commercial real estate will be coming on the market soon.