Hastings Nationwide Is Closing After Filing For Bankruptcy
Hilco Merchant Resources and Gordon Brothers Group announced it would shutter all Hastings locations in the nation. Both companies had acquired the companies together during the July 20 bankruptcy auction
Stores throughout the nation have started their sales to eliminate the stores’ inventory - some stores are offering 10 to 30 percent off the lowest price with some exceptions. Some stores are offering equipment, fixtures, and furniture for sale. Hastings has halted their movie rental and buyback programs along with online sales. The company is not accepting any Hastings gift card and merchandise returns.
In June, Hastings parent company Draw Another Circle filed for Chapter 11 bankruptcy after it fought to stay in business amid fierce rivalry and an ever-increasing digital market. While efforts were made to better Hastings’ profit margins and revenues, the acquisition of MovieStop and SPImages financially weakened the main company.
Leaders with Draw Another Circle had hoped a sale would keep the stores open for business. According to President and COO Jim Litwak, he and other executives had hoped the Chapter 11 process would prepare Hastings for the sale and offer protections and financing to serve their consumers.
There are more than 3,800 Hastings employees in the nation.