Family Video is closing up shop after four decades in business.
Glenview, Illinois-based parent company Highland Venture Ltd. announced the decision in a news release.
"The impact of COVID-19, not only in foot traffic but also in the lack of movie releases, pushed us to the end of an era," said Keith Hoogland, CEO of Highland Ventures, in the release, indicating the company was "the last man standing in our industry."
Highland Venture's website lists roughly 575 Family Video stores nationwide and as many as 800 at its peak. Locally, there are three stores in Springfield and one in Republic, according to FamilyVideo.com.
Today is the last day for movie rentals, and afterward the company is holding liquidation sales to clear the stores of inventory.
"While we are disappointed in the closing of Family Video, we will remain tied to our communities through our Legacy Commercial Property division, owning and managing buildings in the community," Hoogland added in the release.
Legacy Commercial Property, according to its website, owns more than $650 million worth of commercial real estate in 19 states.
The buildings housing the Family Video stores in Springfield are owned by Family Video Movie Club Inc., according to Greene County assessor records. Hoogland is listed as president of the company in Missouri secretary of state filings.
The company's stores at 615 S. Scenic Ave. and 4214 S. Farm Road 135 share buildings with Little Caesars restaurants. The other Family Video in Springfield is located at 1470 N. Glenstone Ave. at the Division Street intersection.
Family Video rents movies, television shows and video games, and in recent years, it's sold CBD products.
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