Movie Gallery given nod to liquidate

Richmond, Va. A federal bankruptcy judge in Richmond, Va., on Wednesday approved Movie Gallery's plan to close its 1,050 remaining stores and liquidate its assets. The retailer operates stores under the Hollywood Video, Movie Gallery and Game Crazy names.

Under the liquidation plan, stores are expected to close by the end of August and "going-out-of-business" sales are expected to generate more than $62 million for the company's estate.

Movie Gallery filed for Chapter 11 bankruptcy in February, its second trip through bankruptcy court in just three years.

The bankruptcy filing does not include Movie Gallery's Canadian operations.