Movie Gallery, the owner of rental chain Hollywood Video, is in Chapter 11 bankruptcy and last month announced it plans to close its remaining stores, including about 10 in the Nashville area.
The distribution facility is one of the top 10 employers in La Vergne, said Holly Sears, vice president of economic development at the Rutherford County Chamber of Commerce.
"It's a lot of jobs," Sears said. "We have several companies in the pipeline, and we hope to be able to offset those job losses."
It is unclear when the distribution facility will shut down, she said. Calls to Wilsonville, Ore.-based Movie Gallery's corporate headquarters were not returned on Monday. The No. 2 rental chain behind Blockbuster Inc. has struggled as consumers more than ever get their movies through the mail, at vending machines or across high-speed Internet connections.
BONNA JOHNSONCapella Healthcare raises $500 million
Capella Healthcare said it completed raising $500 million through selling bonds due in 2017 and received a $100 million credit line from its lenders. The move gives the Franklin-based hospital operator more flexibility to pursue a growth strategy that could include expanding existing hospitals and possible acquisitions, CEO Dan Slipkovich said.
GETAHN WARDBioMimetic bone graft data accepted
BioMimetic Therapeutics Inc. said the Food & Drug Administration has accepted its submission of clinical trial data for its Augment bone graft and is reviewing the information for potential approval. The Franklin-based medical device maker said that it hopes to receive approval for the product for use in foot and ankle fusions by early next year.
Jones Lang LaSalle, Other Companies Add Solar to Service and Product LinesLKQ Corp. to expand Nashville facility, add 230 jobs