Movie Gallery said it signed a management deal with Hilco Real Es...
Movie Gallery said it signed a management deal with Hilco Real Estate to restructure leases for more than 1,100 Movie Gallery and Hollywood Video stores. Terms weren’t disclosed. Movie Gallery said the deal doesn’t include the previously announced locations…
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marked for subleasing and downsizing. The video rental chain said it won’t publish the list of stores included in the Hilco deal. Keith Cousins, Movie Gallery’s exec. vp and chief development officer, said the Hilco program is part of his company’s “ongoing initiative to restructure approximately 70% of the company’s real estate portfolio” to boost operating results and “enhance shareholder value.” Separately, Movie Gallery said that based on preliminary first-quarter results, it expects to be in full compliance with the financial covenants in its senior credit facility for the reporting period ended April 2. The company plans to announce final results for the quarter by May 12.