[Update - 2:55pm CST] Movie Gallery's decision to close all of its U.S. Movie Gallery, Hollywood Video and Game Crazy locations is a result of the company ceasing U.S. operations instead of restructuring, reports The Wall Street Journal.

[Original] As Movie Gallery continues to restructure following its second bankruptcy filing in under two-and-a-half years, it seems that the rental company will be closing all of its remaining Game Crazy and Hollywood Video locations in the near future.

"In approx. two weeks ALL Game Crazy and Hollywood Video stores will be entering liquidation," reads a Craglist post by store director Glenn J., noticed by Kotaku.

Movie Gallery itself has yet to confirm the closures, though Kotaku notes that it spoke to Glenn J. and "he confirmed everything in the post under his name is accurate."

As for what will happen to pre-orders and in-store credit, Glenn J. explained:

Q. I have deposits on preorders, credit on my account, a gift card to GC and Hollywood. What do I do?
A. All cash deposits can be refunded for cash or used towards a purchase. All credit deposits/trade credits must be used up, credit is not transferable to cash. I recommend using your gift cards as there wont be any other location to use it at.

Q. Are you still taking preorders?
A. No, we will no longer be taking preorders on future titles, nor offering the MVP membership, offering game guard or console service contracts.

Q. What if I purchased one of those things?
A. Preorders see answer to the first question, as for MVP's and game guard I assume those will be unrefundable. In the case of service contracts I am unsure at this time how the company will handle them. I will have more information after my conference call on Monday.

Q. Are you still taking trades?
A. Yep, most definitely, however, we are no longer doing cash for trades. We still guarantee the best trade price in town and if we come in lower we'll top our competitor by 5% as always. But, if it wasn't obvious, you'll want to use that credit same day.

Q. What/When are your liquidation sales?
A. The sales wont start until the liquidation firms finish bidding on the company's assets *apx. 2 weeks. As for what the sales will be I couldn't tell you at this time. However expect by the time they begin some of our stock may have been shipped out, and expect much of the "better stuff" to go fairly quickly, so don't expect the good/decent/rare(er) games to last past the first or second weeks. Moral of the story, best to just come buy it now rather than try to wait for it to hit bottom dollar pricing as it wont be in stock then.

Q. What do you guys have in stock?
A. Honestly, everything up to date including a few Splinter Cell Elite 360 and Bowsers Inside Story DSI bundles. We have a pretty awesome selection of used games right now (I raided one of the Eugene stores that absorbed a lot of product from another closing store a few weeks ago so we have a lot of hot stuff in). A bunch of refurbished Wii's for $150, a ton of refurbished 360's $160-250 and a bunch of new consoles/handhelds as well.