Hastings to close all U.S. stores
Staff Reports | Hagadone News Network | UPDATED 9 years, 4 months AGO
<p>LOREN BENOIT/Press Customers enter the Hastings store, located on E. Best Ave, on Thursday. The Hastings Entertainment headquarters filed for Chapter 11 bankruptcy protection five weeks ago and intends to find a buyer. A closing date of the local store has yet to be announced.</p>
Hastings announced today it will be shuttering all its stores and discontinuing operations at the end of a liquidation process.
The book and entertainment media seller, with a store in Coeur d'Alene, filed for Chapter 11 bankruptcy protection five weeks ago, intending to find a buyer that would help it complete its remerchandising strategy. Instead, the winning buyer was a joint venture that will oversee a liquidation of the stores “to ensure we are maximizing the value of all of our remaining merchandise and assets as we prepare to close,” Hastings released in a statement.
The Bankruptcy Court is expected to approve an agreement Friday with the companies who will oversee the store closing sales - Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC.
“We thank our customers and employees for their loyalty over the years, and we hope to see our customers at store closing sales,” a company spokeswoman said in the statement.
The company did not disclose when individual stores will shut down.
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