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Hastings Toy & Movie Haul
Hastings Entertainment plans on closing all its locations
Hastings Entertainment was a U. Hastings Entertainment stores were also located in many college towns in the U. Hastings Entertainment was headquartered in Amarillo, Texas. The company initially weathered the decline of video rental stores, outliving both Blockbuster Video and Hollywood Video. However, declining sales finally forced the company to shift its primary focus to collectibles and comic books in the s. Through the early to mid s, Hastings became the largest comic book retailer in the United States. Litwak had previously salvaged Macy's and Trans World Entertainment from near-bankruptcy in the s and early s, respectively.
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.
Hastings Entertainment was a U.S. retail chain that sold books, movies, music, and video Hastings Entertainment stores were also located in many college towns in the U.S. Hastings Entertainment was headquartered in Amarillo, Texas.
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A Farewell to Hastings Entertainment
As suggested by recent rumblings, Hastings , the third largest national bookstore chain after Barnes and Noble and Books-a-Million, has filed for bankruptcy following years of losses. The chain, which operates stores, was purchased in by Joel Weinshanker , owner of Movie Stop. Earlier this month, Draw Another Circle announced its plans to liquidate the 39 MovieStop stores while also continuing to find ways to improve the prospects of Hastings. However, it may have been too little too late as the Weinshanker era faltered:. While Hastings executives said they were encouraged by the reaction to the new store focus, they were stymied by the fact that they did not have enough capital to roll out the new approach to more locations.
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The 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.