Hollywood Video to shutter all stores
Wilsonville, Ore. Hollywood Video parent Movie Gallery said over the weekend it will close all remaining U.S. stores.
The movie-rental chain of 2,415 U.S. outlets had already begun shuttering stores after its bankruptcy filing last February — its second filing in two years.
The closure of the company’s remaining stores is expected to take place over the next couple of months, according to a report by the Wall Street Journal.
The future of the 184 Canadian outlets remains in the balance, as those stores were not a part of the February bankruptcy filing.
All U.S. employees were notified of the chain’s demise last Friday.
Movie Gallery’s troubles trace back to debt it took on during the acquisition of Hollywood Entertainment Corp. in 2005. It filed for bankruptcy in February with a debt load of about $600 million.
Some of Movie Gallery’s stores slated for closure could be snatched up by strategic operators, according to the WSJ report. Blockbuster had weighed acquiring some better-performing Movie Gallery stores, but a deal never gained momentum, said the report.
Toys’R’Us raises $4.5 million for children’s charity
WAYNE, N.J. On April 29, Toys”R”Us was joined by leaders from the toy and baby products industries to celebrate the silver anniversary of the Toys“R”Us Children’s Fund Gala in New York City. According to the company, the event raised nearly $4.5 million for the charity. The Gala’s 25th anniversary milestone event was hosted by Emmy and Tony Award-winning comedian Martin Short, and featured a performance by five-time GRAMMY award-winner Faith Hill.
Additionally, Gala attendees pledged nearly $140,000 to support the Special Olympics Young Athletes program.
“In 1985, our company first gathered friends from the toy and baby products industries with a simple goal of giving back to children who need help most. Last night’s Toys“R”Us Children’s Fund Gala marked the 25th anniversary of what has become a beloved tradition in our industry and a celebration of how much we love kids,” said Jerry Storch, chairman and CEO of Toys“R”Us. “Thanks, in part, to the generosity of our business partners throughout the years, the Toys“R”Us Children’s Fund donates millions of dollars each year to programs that keep children safe and help them in times of need.”
Kohl’s gets more green accolades
MENOMONEE FALLS, Wis. Kohl’s Department Stores announced that it has received the inaugural Gold Edison Green Award at the annual Edison Awards Gala held on April 29 in New York City. The Edison Awards, associated with the Thomas Edison Papers at Rutgers University, symbolize the persistence and excellence personified by Thomas Alva Edison. Kohl’s receipt of the Edison Green Award recognizes the company’s commitment to developing sustainable solutions and green business models in an effort to reduce the community’s carbon footprint.
“Kohl’s is honored to be recognized by its peers for our ongoing efforts to improve our shared environment,” said Ken Bonning, Kohl’s EVP store planning and logistics. “By engaging associates, partners and members of the community, Kohl’s continues to operate our business with a commitment to environmental responsibility. From partnering in green building pilot programs to supporting renewable energy initiatives, we’re focused on long-term solutions that help protect the Earth’s resources.”
The Edison Awards, a peer-review honor, are voted on by roughly 2,000 members of the not-for-profit Marketing Executives Networking Group (MENG), America’s top executives and academics. Edison Awards are judged on marketplace innovation, marketplace success, technological innovation, market structure innovation, societal impact and design innovation.