Movie Gallery defaults on loan
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From Times Wire Services
Movie Gallery Inc., the second-largest U.S. video rental chain, defaulted on a loan and hired turnaround specialists to help it reorganize the company.
Movie Gallery, based in Dothan, Ala., lost almost half its stock market value this year as movie rentals fell more than the company had anticipated.
Shares fell $1.08, or 57%, to 81 cents after the close of regular trading.
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