Movie Gallery Closing
Posted in the Walterboro Forum
#1 Mar 14, 2010
Soon the Movie Gallery in Walterboro will be putting up "store closing" signs. Be on the look out for these signs in the next couple of months. Since the company filed bankruptcy in February it has been closing stores. The first 765 stores, or "phase1" as the employees call it, is already underway. Among those "phase 1" stores were Sumemrville, Charleston, and Johns Island. What has been called a "phase 2" was told to SM 2 weeks ago, making them operate as business as usual, with the knowledge that they would soon be closing their doors. Walterboro made it through phase 1 and phase 2, however it does not look like it will make the phase 3 cut. From what the upper management knows, there is a "red line" and if you are below that report, sad days are coming. Basically it has nothing to do with promotion sales or store area, just PROFIT! Does your store make enough and are you trnding on an upward basis. Here is what I know, if your stores are below this $amount and trending down versus last years numbers and could go below that magic $amount, then you will be closing. The company cannot reemerge from bankruptcy with these stores possibly falling negative cash flow in a year. The phase 1 stores were mostly already negative cash flow stores. Phase 2 stores are stores where renta cannot be re-negotiated or went negative within the first months of the year. Phase 3 are those stores that are not trending up and look as if they will fall negative by the end of the year. So sad to see Walterboro on that list, but unfortunatley, it is on the list to close, along with another SC store. SC has been hit hard by this bankrupcty. Hopefully the staff and management team have a backup plan, trust me this store will be closing by the summer.
#2 May 5, 2010
Yes, I have heard of The Movie Gallery closings.
My niece was a manager at one which was on top as far as money making. She worked hard to make her store number one in its area. I hate to see more job gone in Walterboro.
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