It’s time to turn out the lights and empty the popcorn for troubled rental chain Movie Gallery which, according to the Wall Street Journal, will close all of its United States stores. Movie Gallery had stores under that name and also owned Hollywood Video and its Game Crazy retail offshoot.

The company had originally used the dreaded word “reorganization,” which often leads to this outcome anyway. After filing bankruptcy twice in a little more than two years, Movie Gallery couldn’t keep it going. WSJ reported that Movie Gallery never recovered from taking on $600 million in debt through the 2005 acquisition of Hollywood Video and Game Crazy. Those were better financial times and going to a video rental store was how almost everybody picked up a movie for the weekend.

The economic pressures have gotten to yet another company, as Movie Gallery-owned Game Crazy is closing 200 stores. Blockbuster Video is also having serious problems, as game rental services including Gamefly are doing quite a number on traditional video game rental stores.

It’s never good to hear about 200 stores closing but the silver lining for gamers is the chance to pick up some games on sale. Clearance sales at those locations are beginning now, so you will want to check and see if one of the locations near you is closing.

If you’ve got an upcoming game reserved at a Game Crazy, you’ll want to make extra sure that the location is staying open (although the Hollywood Video portion of the stores are remaining open). Destructoid is reporting that a lot of the stock from the closing stores include consoles and this year’s game releases which are getting moved to other locations.