Financially troubled video rental company Movie Gallery has announced plans to close down 520 unprofitable and underperforming outlets across the country.  The movie rental giant will still have 4,000 stores operating under the Movie Gallery and Hollywood Video names.  The company did not release the number of employees who would lose their jobs as a result of the closings.

Movie Gallery's problems became apparent in July, when it went into default thanks to a second quarter loss of $300 million (see 'Movie Gallery Teeters on the Brink').