Movie Gallery has filed for Chapter 11 bankruptcy protection for the second time in three years.The video rental chain is the second-largest in North America. The company now plans on closing at least 760 Movie Gallery, Hollywood Video and GameCrazy stores across the United States alone, representing almost one-third of it’s 2,415 locations worldwide.

The company employs over 19,000 people and has not released a statement on what will happen to those employees. Movie Gallery plans to realign their cost structure under the supervision of the court and intends to emerge from the reorganization process with a new and sustainable business model centered on a smaller base of profitable stores.

If you are a business owner and are struggling to make regular payments on your debts, you may wish to consider filing for bankruptcy to restructure your business. For more information on bankruptcy, please contact the Boston bankruptcy attorneys of Joshua Spirn & Associates by calling 800-975-5346.