Rumors are circulating that Stephenville’s book and entertainment outlet, Hastings, may be closing its doors.
An employee of the Stephenville location told an E-T staffer that employees have been hearing the rumor of the store shutting down.
On June 13, Jim Litwak, president and COO of Hastings Entertainment, Inc., released a statement that the company is going through a process to evaluate potential buyers and as part of that has filed for Chapter 11 bankruptcy.
“We believe we are on the right path, but we need additional financial support to fully execute our plan for the future,” Litwak said in the release. “The Chapter 11 (Bankruptcy Code) process will help to prepare our business for the intended sale while also providing additional protections and financing to allow us to serve you as usual.”
An updated statement was released Tuesday by Rachel Rosenblatt, managing director of strategic communications, that said an auction date of July 20 has been set.
“As part of our ongoing effort to sell Hastings to a buyer that can help position our business for long-term success, on Wednesday, July 6, the United States Bankruptcy Court for the District of Delaware approved our desired sale procedures and set July 20 as our auction date,” the release states. “Accordingly, buyers will be required to submit qualified bids by July 18. While we previously planned to complete our sale process by July 13, this new deadline will afford interested buyers more time to come forward with offers that we hope will unlock the full, future value of our assets.”
Hastings locations will remain open for business but changes to certain programs have already been made.
Hastings will no longer accept or honor customer deposits for future movie purchases. Instead, existing deposits may be applied toward additional purchases in the store.
Game rentals are no longer available.
Gift cards expired July 13.
Hastings’ buyback program has been suspended.
“We apologize for any inconvenience this news may cause. We have addressed more Frequently Asked Questions (online) and will continue to keep you updated as we work to identify a buyer,” Litwak wrote. “Whether it's toys for the kids, on-trend merchandise for teens, electronics, comics, supplies for adults’ favorite hobbies or the opportunity to sip coffee while reading a new book, Hastings seeks to be a place where our communities come together and where everyone belongs.”