Variety.com is reporting that the domain names HollywoodVideo.com, MovieGallery.com GameCrazy.com and Reel.com, are all hitting the auction block.
“”A bankruptcy court judge has approved hiring Streambank, a firm specializing in the sale of intellectual property, to find new owners for the trademarks, domain names and databases for Hollywood Video, Movie Gallery, Game Crazy and Reel.com. The parent company, Movie Gallery, filed for Chapter 11 bankruptcy protection in February and is selling off its 2,400 stores.””
According to Variety, Streambank sold the Tower Records name to Cayman Holdings for $4.2 million. and the Circuit City name to Systemax for $17 million.
At its peak, Movie Gallery operated 4,000 outlets in the U.S. and Canada for DVDs and videogames.
It’s important to note that the Circuit City sale included such assets as the e-commerce operation, all intellectual property (the “Circuit City” trademark alone is likely worth 2-5 million); as well as their huge (some millions) customer list.
I assume the same/similar w/Tower Records.
Steve
So does this sale
I can see why Movie Gallery is going out of business. Right before I went to Domainer Mardi Gras this year, where I met you the first time Mike, I told my wife to return five videos to Movie Gallery on time and she did not……she was half a day late and they wanted roughly $25 for the five movies being late a half a day. I closed my account with them immediately.
Actually, they closed the stores near me and sold the movie stands also out front of the store a couple months after I closed my account with them.
I opened an account with them in Jan. and rented some of their overpriced movies…. $4.95 a movie. Ridiculous.