Going-Out-of-Business Sales to Begin at All Hastings Entertainment Stores
Hilco Merchant Resources and Gordon Brothers Group announced today that they will begin going-out-of-business sales at all Hastings Entertainment (“Hastings”) retail locations beginning Saturday, July 23rd. The joint venture partners were the successful bidders at the bankruptcy auction that took place on July 20th. Sales will offer discounts of up to 30 percent on the entire stock of books, videos, games and music.
Founded in 1968, Hastings is a leading multimedia entertainment retailer that combines the sale of new and used books, videos, video games and music. In June, the company initiated a comprehensive process to evaluate potential buyers of the business and, as part of that process, filed voluntary petitions under Chapter 11 of the U.S. bankruptcy code. Hastings operates 123 superstores, averaging approximately 24,000 square feet, primarily in medium-sized markets throughout the United States.
“At Hastings, our mission has always been to bring our customers a diverse array of entertainment products and collectibles to appeal to many interests,” said Jim Litwak, President & COO, Hastings Entertainment, Inc. “Our hope was that the Chapter 11 process would help to prepare our business for the intended sale while also providing additional protections and financing to allow us to serve our customers as usual. Unfortunately, this process was unsuccessful. We thank our loyal employees and customers and encourage all to take advantage of the incredible savings this sale will offer on the superior selection of multimedia and entertainment products you have come to expect from Hastings.”
A representative of the joint venture said, “We anticipate these well-known new and used movie titles, games and books to sell very quickly at up to 30 percent off the original price. Customers are encouraged to shop early for the best selection of their favorite products.”
Merchandise will no longer be available on www.gohastings.com. Sale discounts apply in-store only. Furniture, fixtures and equipment are also available for sale.