Hastings completely shutting down by Halloween

[johnhoftb]

http://www.enidnews.com/news/hasting...9d65da78b.html

After more than a month of bankruptcy proceedings, Hastings Entertainment will close all stores by Oct. 31.

Rachel Rosenblatt, managing director of strategic communications for FTI Consulting, which manages public relations for Hastings, said the timeline to close stores, including the Enid location in Sunset Plaza, has yet to be determined.

Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC purchased Hastings Entertainment during auction Wednesday and will oversee liquidation of the stores, according to a statement from Hastings issued Thursday morning.

"Five weeks ago, Hastings filed for Chapter 11 protection with the goal of expediting our search for a buyer that would help us complete our remerchandising strategy and position our business for long-term success. At the completion of the sale process yesterday, the winning buyer was a joint venture that will instead oversee a liquidation of our stores to ensure we are maximizing the value of all of our remaining merchandise and assets as we prepare to close.

"All Hastings stores, our e-Commerce business and our corporate office will all discontinue operations at the end of this process.

"On Friday, July 22, the Bankruptcy Court is expected to approve our agreement with the companies who will oversee our store closing sales, Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC."

The companies are authorized to advertise the move as a "store closing," "sale on everything," "going out of business" sale, according to the Amarillo Globe-News. Hastings Entertainment is headquartered in Amarillo.

Hastings filed for Chapter 11 bankruptcy June 13, citing increasing numbers of competitors and the declining demand for physical media like music, movies, books, games and rentals.

The Wall Street Journal reported Hastings’ debts included $80 million in loans, $59 million in trade bills, and in 2015, the company’s losses were $16.6 million on $401 million in revenue.

Hastings was founded in 1968 and operates 126 stores throughout the United States. In addition to Enid, Hastings has stores in Ada, Altus, Ardmore, Bartlesville, Lawton, Muskogee, Norman, Ponca City, Stillwater and Yukon.

[zenkai]

The couple I knew about have been closed for years, didn't know they were still around

[Deleted]

I thought we were talking about the town, disappointed

[Sunseeker]

I thought we were talking about the town, disappointed

I'm not even English and that's what I thought. It would have been hilarious.

So a box store can't keep up with digital times? Well big surprise there! Quick! Someone tell me how Montgomery Ward is doing!?

[Powerogue]

I guess the only surprise is they lasted so much longer than Blockbuster. I guess it was the higher diversity to what they were selling. Still, the last Hastings I went to as a kid closed shop at least 5 years ago so I just sort of forgot about them.

RIP, the shop that was my bridge to full nerd-dom.