Movie Gallery filed for Chapter 11 in February of this year, and then announced in April that it would close and liquidate all of its locations, including its Hollywood Video and Game Crazy storefronts. Now a battle is gearing up over the company’s sizeable new and used game inventory.
Movie Gallery asked a bankruptcy court on June 14 to approve a sale of its videogame assets to COKeM International Ltd. for $3.025 million, according to a story on Forbes.
Game Trading Technologies, who supplies GameStop, Wal-Mart, Best Buy, Blockbuster and 7-Eleven with used games, wanted to buy the stockpile of games as well, and was willing to pay more, so it asked the court to allow it to bid for the collection. GTT said it would pay at least $3.075 million for the inventory.
Yet another company wants in on the sale too; Gametronics Inc. (also known as LA Closeout) filed a similar motion to GTT’s, saying it would pay at least $3.05 million for the game assets.