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[Best Syndication News] Movie Gallery Inc. has filed for reorganization under Chapter 11 of the Bankruptcy proceedings. This reorganization will cause the company to close 760 Movie Gallery, Hollywood Video, and Game Crazy stores across the United States. Stores in Canada are not affected by the restructuring.

The store closures are happening because they have not been profitable. There will remain 1,906 stores in the U.S., including 1,111 Movie Gallery, 545 Hollywood Video and 250 Game Crazy store locations that will continue to operate, however the corporation warns that they will more than likely will be closing more stores during the Chapter 11 process.

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[Best Syndication News] Walmart announced today that they will be eliminating 300 job posistions at the Northwest Arkansas location, which is their home office location in Bentonville.

They have been cutting back at Sam's Club, with closures and cutting some 11,200 Sam's Club employees job positions there recently.

These job cuts were in an effort to streamline their operations, according to Mike Duke, President and Chief Executive Officer of Walmart. They want to eliminate duplication, reduce cost, and shift work closer to the operating units.

According to the announcement by Duke, this was the “last major strategic piece” in their realignment for the company.

[BestSyndication NewsThe Federal Housing Administration’s Mortgagee Review Board announced that they will be permanently withdrawing three mortgage lenders and suspending a fourth effective immediately from their program.

The lenders that got withdrawn were Strategic Mortgage Corporation (Strategic), ProMortgage Inc., and Americare Investment Group Inc. (doing business as Premier Capital Lending).

The one lender which is being suspended from the FHA program is Home Mortgage, Inc. (HMI) of Burr Ridge, Illinois. This suspension will last for a minimum of six months or until a federal court rules in a issue relating to this suspension.

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[Best Syndication News] IBM (NYSE: IBM) signed a definitive agreement with National Interest Security Company, LLC (NISC) to acquire them for an undisclosed sum. The privately held company is headquarters are located in Fairfax, Virginia.

NISC offers operational and strategical solutions for government agencies. This will help IBM to deliver advanced analytics and IT solutions for these agencies.

"IBM's analytic and innovation prowess, combined with NISC's industry knowledge and depth of experience in defense, healthcare, energy, and infrastructure management services, will allow us to deliver an unprecedented level of service and support to our growing list of government clients," said Chuck Prow, managing partner, public sector, IBM Global Business Services in a statement.

[Best Syndication News] Oren Aviv stepped down from the position of President of Production after being with the company for 20 years this past Tuesday to allow for Sean Bailey to take over in an effort to restructure the companies Walt Disney Pictures and Touchstone Pictures.

Bailey will be overseeing the live-action film in development, production, and the actual production phases for both Walt Disney Pictures as well as for Touchstone Pictures.

Bailey has produced and founded the company Ideology Inc. with movies "Matchstick Men" and "Gone Baby Gone."

Maybe Disney will return to family movies that won't raise parent's eyebrows in shock. According to a Los Angeles Times reporter they are trying to appeal more to women and family values. (see video below)