Video stores appear to be heading the way of the car hop and drive-in theaters.
Movie Gallery, which operates under the names Movie Gallery, Hollywood Video, and Game Crazy, filed for bankruptcy on Tuesday, according to a story by Bloomberg. The collapse of the country's second-largest video-rental chain is staggering when one considers that only two years ago, Movie Gallery's stock was trading at $33.
On Tuesday, the stock closed trading at 22 cents, less than the cost of a movie rental.
Netflix and video-on-demand services being offered by cable companies have cut deeply into the traditional video-rental … Read more