To: Urlman who wrote (1058 ) 8/4/1998 6:47:00 PM From: Urlman Read Replies (1) | Respond to of 19700
Hollywood Entertainment Acquires 11-Store Chain in Albany, New York Area Company Press Release Hollywood Entertainment Corp. Tuesday August 4, 5:48 pm Eastern Time Hollywood Entertainment Acquires 11-Store Chain in Albany, New York Area WILSONVILLE, Ore., Aug. 4 /PRNewswire/ -- Hollywood Entertainment Corp. (Nasdaq: HLYW - news) has acquired 11 stores in the Albany, New York area from NYS Entertainment, L.P., a former Blockbuster franchisee, it was announced today by Mark Wattles, Chairman of the Board and CEO. Hollywood submitted the highest bid in a Delaware bankruptcy court-supervised auction for the chapter 11 filing of NYS on July 15 and the acquisition was finalized August 3. The stores are currently being converted to Hollywood Video's specifications and will re-open for business on August 8. Hollywood Video, which employs more than 22,000 employees across the country, plans to retain all of the stores' staff. Commented President Jeff Yapp, ''This acquisition complements our expansion plans in the northeast. We are extremely impressed with the store team brought together by NYS for their breadth of experience and knowledge and the outstanding relationships they have with their customers. We welcome them to the Hollywood Video family and look forward to a long relationship.'' Hollywood Entertainment Corp. operates the world's second largest chain of home video superstores under the Hollywood Video banner. In 1997, the company, headquartered near Portland, Oregon, opened 356 new locations across the U.S., ending the year with 907 stores in 42 states. Hollywood's plans call for more than 350 store openings in '98, making it one of the fastest growing specialty retail chains in the world. According to video industry analyst Paul Kagan Associates, Inc., the chain operates the highest volume video retail stores in the country. Hollywood Video stores average approximately 7,500 square feet and typically carry approximately 10,000 titles and 16,000 videocassettes and video games. SOURCE: Hollywood Entertainment Corp. --------------------------------------------------------------------------------