Hastings stores to close after liquidation process
A statement was released that has confirmed that all 126 Hastings Entertainment, Inc. locations will be closing along with its website and corporate office.
“At the completion of the sale process yesterday (July 20), 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,” Rachel Rosenblatt, managing director of strategic communications, wrote. “All Hastings stores, our e-Commerce business and our corporate office will all discontinue operations at the end of this process.”
Back on June 13 Jim Litwak, president and COO of Hastings Entertainment, released a personal statement on the website saying that the company had filed for Chapter 11 bankruptcy and was seeking a buyer to initiate long-term success by July 20.
All Hastings locations have discontinued game rentals, gift cards, its buyback program, refunds, exchanges and deposits for future movie purchases.
“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,” Rosenblatt wrote.
Litwak has not released a new personal statement about the business at this time.
“We thank our customers and employees for their loyalty over the years,” Rosenblatt wrote. “And we hope to see our customers at store closing sales.”