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Movie Gallery Files| for Bankruptcy

RICHMOND, Va. (CN) - The Movie Gallery and Hollywood Entertainment filed for bankruptcy, listing more than $500 million in debts. The company said it will close 805 of its Movie Gallery outlets, one-third of its U.S. stores. The Movie Gallery acquired enormous debt after buying rival Hollywood Entertainment for $850 Million in 2005. Thousands of its 19,100 U.S. employees are expected to lose their jobs.

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