FINANCE

Movie Gallery divests store brands

BY CSA STAFF

Richmond, Va. Movie Gallery announced Thursday that it will sell off its store brands Hollywood Video, Movie Gallery and Game Crazy, as well as its web domain names and customer databases in an auction in the first half of November.

The rental video chain filed for bankruptcy protection in February. It said that it and its debtors had filed a motion for the bankruptcy court to approve the auction.

Sales of the brands are being handled by advisory firm Streambank LLC, based in Needham, Mass.

In June, the company’s subsidiaries began liquidating its 181 Canadian stores and in May, a federal bankruptcy judge in Richmond, Va., approved its plan to close the 1,050 stores that were still operating in the United States.

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Killing the buzz that interferes with audio devices

BY CSA STAFF

NEW YORK The Buzz Killers has developed an easy-to-use cell phone accessory that eliminates buzzing interference that audio devices pick up and buzz when a mobile device is nearby.

The Buzz Killer card is designed with a proprietary, patent-pending alloy technology that neutralizes cell phone radio interference, the company said. Users simply place their cell phone on the card to eliminate the interference and virtually can be used anywhere.

More information can be found at TheBuzzKillers.com.

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Walmart maintains expansion pace

BY CSA STAFF

Total capital expenditures slightly will increase next year at Walmart to a range of $13.5 billion to $14.5 billion, compared with the estimated $13 billion to $14 billion the company is on track to spend during the current fiscal year, the company announced late Wednesday at the conclusion of its 17th annual meeting for the investment community.

Expenditures for the U.S. operations will hold steady at around $7.5 billion to $8 billion as the company adds about 11 million sq. ft. of selling space while the $1 billion allocated to Sam’s Club also is comparable with the prior year and will result in the addition of about 500,000 sq. ft. The international division, where two international acquisitions currently are pending in the United Kingdom and South Africa, gets a boost of about $500 million as spending there is expected to total between $4 billion and $4.5 billion. Although that amount is about half of what will be spent domestically, forecast international square footage growth of 23 million to 24 million is more than twice that of the U.S.

Looking at the U.S, Walmart plans to add about 155 to 165 new supercenters, two thirds of which will be relocations of existing units in addition to 30 to 40 smaller format stores. Seven to 12 new Sam’s Clubs will be added.

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