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GameCrazy
GameCrazy was a video game rental shop based in Wilsonville, Oregon. It was a subsidiary of Movie Gallery. The stores were often, but not always, located adjacent to Hollywood Video stores.
GameCrazy and its parent company, Movie Gallery, filed for bankruptcy in May 2010.
In 1999, to compete in a growing video game market, Hollywood Entertainment launched a store-within-a-store concept called GameCrazy. It featured the ability to buy, sell, and trade video games, systems, and accessories inside of Hollywood Video stores. Each respective location offered video games for all "next generation" platforms in both new and used conditions. Select locations offered products for older systems such as the NES and Sega Genesis. GameCrazy enabled customers to play a particular title, new or used, prior to purchase. This "try before you buy" option was a staple GameCrazy policy.
Movie Gallery launched a similar store-within-a-store initiative called Game Zone. These stores were developed and implemented for use within Movie Gallery locations while GameCrazy was generally used within Hollywood Video stores. While many locations operated these areas as completely separate brands (i.e. Both Game Zone / GameCrazy operated with segregated staff and management), others operated using a single unified staff. While the majority of GameCrazy stores were located within their respective rental partner, the company did expand their chain to include standalone GameCrazy stores.
As of December 31, 2006, there were 634 GameCrazy locations which were generally located within the same building as Hollywood Video. The construction of standalone "concept stores" were ongoing at the time of the chain's closure, the most recent being opened in Las Vegas, Nevada. GameCrazy contributed 13% to Movie Gallery's revenue for 2006, with 70% of its revenue coming from new and used software and 30% from new and used hardware products. GameCrazy competed with both other specialty retail video game stores, such as GameStop and the fast-growing video game franchise, Play N Trade, as well as big box retailers such as Target, Walmart, and Best Buy.
The company began having financial difficulties despite its major efforts to respond to business challenges. In October 2007, Movie Gallery filed for Chapter 11 bankruptcy protection under the U.S. Bankruptcy code. Because of these troubles, the stock price fell below $1 per share and was no longer listed on the NASDAQ stock exchange in November 2007.
On September 28, 2009, Wilsonville, Oregon based Movie Gallery, which owned GameCrazy, announced it would close 200 of its 680 stores by the end of October 2009 due to financial problems brought on from the failing video stores.
Movie Gallery's stock price fell from $1.25 at close in October 2009 to $.05 at close in December 2009, and many locations fell behind on rent. As a result, the company hired restructuring firm Moelis & Company, giving it a 60-day grace period to negotiate with lenders and landlords. But it was forced into bankruptcy a second time in February 2010.
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GameCrazy
GameCrazy was a video game rental shop based in Wilsonville, Oregon. It was a subsidiary of Movie Gallery. The stores were often, but not always, located adjacent to Hollywood Video stores.
GameCrazy and its parent company, Movie Gallery, filed for bankruptcy in May 2010.
In 1999, to compete in a growing video game market, Hollywood Entertainment launched a store-within-a-store concept called GameCrazy. It featured the ability to buy, sell, and trade video games, systems, and accessories inside of Hollywood Video stores. Each respective location offered video games for all "next generation" platforms in both new and used conditions. Select locations offered products for older systems such as the NES and Sega Genesis. GameCrazy enabled customers to play a particular title, new or used, prior to purchase. This "try before you buy" option was a staple GameCrazy policy.
Movie Gallery launched a similar store-within-a-store initiative called Game Zone. These stores were developed and implemented for use within Movie Gallery locations while GameCrazy was generally used within Hollywood Video stores. While many locations operated these areas as completely separate brands (i.e. Both Game Zone / GameCrazy operated with segregated staff and management), others operated using a single unified staff. While the majority of GameCrazy stores were located within their respective rental partner, the company did expand their chain to include standalone GameCrazy stores.
As of December 31, 2006, there were 634 GameCrazy locations which were generally located within the same building as Hollywood Video. The construction of standalone "concept stores" were ongoing at the time of the chain's closure, the most recent being opened in Las Vegas, Nevada. GameCrazy contributed 13% to Movie Gallery's revenue for 2006, with 70% of its revenue coming from new and used software and 30% from new and used hardware products. GameCrazy competed with both other specialty retail video game stores, such as GameStop and the fast-growing video game franchise, Play N Trade, as well as big box retailers such as Target, Walmart, and Best Buy.
The company began having financial difficulties despite its major efforts to respond to business challenges. In October 2007, Movie Gallery filed for Chapter 11 bankruptcy protection under the U.S. Bankruptcy code. Because of these troubles, the stock price fell below $1 per share and was no longer listed on the NASDAQ stock exchange in November 2007.
On September 28, 2009, Wilsonville, Oregon based Movie Gallery, which owned GameCrazy, announced it would close 200 of its 680 stores by the end of October 2009 due to financial problems brought on from the failing video stores.
Movie Gallery's stock price fell from $1.25 at close in October 2009 to $.05 at close in December 2009, and many locations fell behind on rent. As a result, the company hired restructuring firm Moelis & Company, giving it a 60-day grace period to negotiate with lenders and landlords. But it was forced into bankruptcy a second time in February 2010.