This Beloved Chain Is Closing All of Its Stores
The "last man standing in [the] industry" is closing its remaining 250 locations.
It's a sad day for America's film lovers as Family Video, one of the last relics of the movie rental scene, has announced that its remaining stores will be closing. The chain's parent company, Highland Ventures LTD, announced on Jan. 5 that the 250 Family Video stores still standing around the country are set to close. "While we have faced digital competition from Netflix and others for years, nothing has been as devastating to our business as COVID-19," Keith Hoogland, CEO of Highland Ventures, said in a statement. "We are very thankful to have been able to provide entertainment for many family movie nights." Read on for more on Family Video closing up shop, and for another company in trouble, check out These 2 Beloved Department Stores Are "Slowly, Quietly Dying."
The news comes just three months after nearly half of the 510 Family Video locations the company had at the beginning of 2020 were shut down, Highland Ventures LTD announced in October. "You may have heard that we're closing select locations…it's true. We've enjoyed serving so many communities over the years, but recent events have caused us to make some tough business decision[s]," the company said in a statement at the time.
In Hoogland's Jan. 5 statement posted on the Family Video website and Facebook page, he notes that the chain outlived the nation's "big 3" movie rental companies: Blockbuster, Movie Gallery, and Hollywood Video. But unfortunately, "the impact of COVID-19, not only in foot traffic but also in the lack of movie releases, pushed us to the end of an era," Hoogland added.
The last day to rent at Family Video is Jan. 6, and stores will close "once all items are sold," which includes everything from fixtures to movies to snacks to gumball machines. The company's website, FamilyVideo.com, will remain open where they will "continue to sell movies, CBD products, T-shirts, memorabilia and more."
Family Video first launched in 1978, originally as Video Movie Club in Springfield, Illinois, before rebranding as its current name. It most recently had stores across 17 states: Iowa, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Missouri, North Carolina, Nebraska, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, and Wisconsin.
"We have enjoyed being part of our employees' and customers' lives and communities for the last 42 years," Hoogland said in his statement. "I am extremely thankful to our employees and customers that were instrumental in Family Video's success. Without you, we would not have been the last man standing in our industry."
Keep reading for more news on other famous chains that are closing, and for another company that's in trouble, check out This Popular Clothing Chain Just Announced It's Closing 100 More Stores.
Read the original article on Best Life.
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