Movie Gallery Exec Resigns Per Request Tuesday September 18, 8:39 am ET Movie Gallery Says Development Exec Resigns at Company Request As Part of Restructuring
NEW YORK (AP) -- Movie Gallery Inc. said Keith A. Cousins has resigned as chief development officer at the company's request, as part of the struggling video rental company's broader restructuring program. Cousins' resignation was effective Sept. 14, the company said in a filing with the Securities and Exchange Commission late Monday.
Movie Gallery, which is struggling to fend off online competitors, said last month it couldn't make timely interest payments on certain debt and likely faces default notices from lenders. The nation's second-largest video rental chain has been teetering on the verge of bankruptcy, and said in July it was considering various strategic options, including a possible sale of the company.
It has struggled with debt since buying rival Hollywood Entertainment Corp. for $1 billion in 2005.
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10:14 AM EDT October 11, 2007 Soleil Securities Group lowered their price target on Movie Gallery (Nasdaq: MOVI) from $0.30 to $0.12 and maintains a Sell rating. The firm stated that they expect Movie Gallery to file for Chapter 11 bankruptcy protection within the next few weeks.
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