Amid stiff competition from everyone from Netflix to Redbox, Movie Gallery is reportedly planning to file for bankruptcy and close up to two-thirds of its stores.

According to the Wall Street Journal today, the Oregon company could file for Chapter 11 bankruptcy as soon as Tuesday. That would possibly affect many of its 1,800 stores, which include both Hollywood Video and Movie Gallery locations.

The company's Web site lists Movie Gallery stores in Wendell and Zebulon, and one Hollywood Video on Spring Forest Road in Raleigh. There are also several additional stores in areas near the Triangle, including Louisburg, Sanford and Oxford.