Hastings books and music store
Hastings Books, Music & Video | Better Business Bureau® ProfileThe 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 , 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. Hastings operates superstores, averaging approximately 24, square feet, primarily in medium-sized markets throughout the United States. Unfortunately, this process was unsuccessful.
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Hastings Entertainment Shutting Down All Stores for Liquidation
Looking for more information? Access the headquarters listing for Hastings Entertainment, Inc. Years in Business: This rating reflects BBB's opinion about the entire organization's interactions with its customers, including interactions with local locations. View HQ Business Profile. Location of This Business W. Main, Norman, OK
In July , Hastings Entertainment announced that they were going out of business and all of their "Superstores" in the Midwestern and Southern United States would be closed by the end of October. The chain's Facebook page was quickly filled with notes and remembrances from customers who'd been shopping there for years and were naturally saddened by this news. Founded in Amarillo, Texas in , Hastings had struggled for years against the constantly changing tides of media consumption. Competition from online retailers like Amazon, the growth of streaming and downloading services for music and movies, and the popularity of electronic reading devices meant that Hastings faced major losses in all of their main merchandise areas. The company filed for bankruptcy protection in June of and the chain was put up for sale, but when no buyer was found Hastings announced final liquidation proceedings in July. By Halloween , Hastings was just a memory.
Operator of a fast-growing chain of multimedia superstores, Hastings Entertainment, Inc. By the end of the s, Hastings operated stores in 18 states. The company's mix of product categories was the inspiration of Sam Marmaduke, regarded as a pioneer in cross-merchandising. Marmaduke's son John led the chain during the s, when expansion picked up pace, particularly after the company's initial public offering. Further expansion was expected during the 21st century, with potential sites for additional stores identified by the company's management. In mid Hastings launched a new site on the Internet to sell a broad selection of multimedia software to the electronic global marketplace.
Hastings Superstores' "Reboot" Came Too Little, Too Late
In what some fans of bricks and mortar retail are calling a sad day for the industry, Hastings Entertainment's stores will be shut down as a joint bid from two liquidators, Hilco Merchant Recourses and Gordon Bros. Retail Partners, was accepted by the court. When Hastings initially filed for Chapter 11 protection, its main strategy was to find someone to buy the company and the court gave the chain 30 days to do so. Sources say in court that upwards of 60 retail chains were contacted, but at the end of the day the only potential retail bidder turned out to be Bull Moose, the unit, New England-based chain. At press time Billboard was unable to reach Bull Moose executives for comment, so the details of the bid are unclear, but according to sources the company requested another week to come up with its financing. Sources say, the bankruptcy court was willing to grant the extension if Bull Moose was willing to put down an nonrefundable deposit; whatever amount the court was asking apparently turned out to be unpalatable for the chain.