Movie Gallery Inc., the Wilsonville, Ore.-based company that owns the Hollywood Video rental chain, announced last Friday plans to close its remaining 1,900 stores in the U.S.

The company filed notice in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond.

In Febraury, the company was forced to file for Chapter 11 bankruptcy for the second time in three years. The recent decision to shut down its remaining U.S. stores follows failure to pay a loan.

The company's revenue fell from $2 billion too $1.4 billion last year. Analysts suggest that DVD kiosks, movies-by-mail, and over-the-Internet services are responsible for this decline. 

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