Movie Gallery, one of the country's largest video-rental chains, filed for bankruptcy protection and plans to close more than 700 stores.

In this region, those closures will include the Hollywood Video store on Spring Forest Road in Raleigh, and Movie Gallery stores in Lillington, Louisburg, Sanford, Burlington, Goldsboro and Siler City, according to the company's Web site. Stores will remain open in Wendell, Zebulon, Creedmoor, Oxford, Benson, Dunn and Sanford.

It's the second bankruptcy filing since 2007 for Movie Gallery, which faces increasing competition from rivals such as Blockbuster, Netflix and Redbox. The Oregon-based chain has more than 2,400 stores nationwide and could close more as it goes through the bankruptcy court process.

The company bought the Hollywood Video chain in 2005. A liquidation company is expected to hold clearance sales at the closing stores over the next several weeks. 

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.