Princeton’s Movie Gallery store is not on a list of more than 750 stores set to close this year as part of the company’s bankruptcy-fueled restructuring plan.

Movie Gallery Inc., filed for bankruptcy protection Tuesday. In addition to its Movie Gallery rental stores, the company also owns the Hollywood Video and Game Crazy chains.

About 760 stores across the country will be affected, company officials said in a statement this week.

“We are closing these because they are not profitable and because funds from liquidating them can help us moving forward.”

After the liquidation, the company will operate 1,906 U.S. stores, the majority of them Movie Gallery stores.

Company officials said additional closings were expected during the reorganization but did not provide specific numbers.

Those decisions will be made based on each store’s performance and other economic factors, like rent costs.

“Economic and competitive realities” facing the business were cited as the reason for the bankruptcy declaration.

“Over the past two years, Movie Gallery took a number of steps to respond to its business challenges and position the company for future success,” company officials said.

Those steps included the shutdown of several hundred underperforming stores across the country.

Those steps, though, were not sufficient, company officials said. “After consideration of all available alternatives, the company determined that a Chapter 11 filing was the appropriate next step in its ongoing restructuring.”

The move does not mean the company is going out of business, officials noted. “We filed for Chapter 11 protection to realign our cost structure in a controlled, court-supervised environment. We intend to emerge from the reorganization process with a new and sustainable business model centered on a smaller base of profitable stores.”

The Princeton store opened as the first tenant in a new business plaza on West Main Street in 2003.