The Wall Street Journal is today reporting that nationwide video game retailer Game Crazy is shutting down operations entirely.
Parent company Movie Gallery filed for bankruptcy in February, the second time in as many years, but the hammer is finally falling.
People familiar with the matter said the company’s remaining stores will shut down completely “within the next few months.”
All 2,415 United States Movie Gallery, Hollywood Video, and Game Crazy locations will shut down, leaving about 19,000 without jobs.
The death of Movie Gallery (and its subsets) is blamed on two components; $600 million in debt and increased competition domination from Netflix and other similar rental and streaming services.
The fate of the Canadian establishments remains unclear.
Source: The Wall Street Journal (subscription required)