Movie Gallery granted court OK of $74.2 million agency agreement

By Jennifer Lanning Drey

Portland, Ore., May 21 - Movie Gallery, Inc. received court approval of an agency agreement with Great American Group, Inc., under which Great American will conduct Movie Gallery's going-out-of-business sales, according to a Thursday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

Great American has guaranteed that Movie Gallery will receive $74.2 million under the agreement.

Movie Gallery, a Wilsonville, Ore.-based video and game rental company, filed for bankruptcy on Feb. 2. Its Chapter 11 case number is 10-30696.

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