GameCrazy really is liquidating its remaining stores

closedA GameCrazy employee slipped Joystiq info about the retailer closing their remaining stores a few days ago, this confirms it. An internal document reveals that GameCrazy’s parent company, Movie Gallery, Inc., will be liquidating all 250 of its remaining outlets, along with 2,165 Movie Gallery and Hollywood Video establishments.

A GameCrazy employee slipped Joystiq info about the retailer closing their remaining stores a few days ago, this confirms it. An internal document reveals that GameCrazy’s parent company, Movie Gallery, Inc., will be liquidating all 250 of its remaining outlets, along with 2,165 Movie Gallery and Hollywood Video establishments.

 

memo

 

“A decision has been reached by the board of directors to liquidate the entire assets of the organization,” says the memorandum. As a result, remaining games and videos will be put up for sale, likely for up to 60 days.

 

Approximately 19,000 employees will be affected by this move, but those who remain with the company until closure will receive “store associate incentive plans”. The document further indicates that “The company expects to continue to pay associates and provide current benefits and insurance programs during your active employment until you are released from the store or the store closing sale ends.”

 

Some discounts and liquidation plans, however, have yet to be finalized. “We are also in the process of evaluating liquidation vendors who will oversee the store closure and sale process in conjunction with our company … the consultants will advise us on appropriate discount levels, advertising, in-store signing and in-store merchandising in order to facilitate a smooth process.”

 

 

 

 

Image courtesy of Joystiq

 

[via Joystiq]

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