It was announced Thursday that Hastings Entertainment will close all of its stores by Oct. 31, an announcement that comes roughly a month after the company filed for Chapter 11 bankruptcy.
Hastings offers entertainment products including movies, books, video games, magazines, comic books and pop culture items at stores across the country, including a location in Warrensburg, 723 N. Charles St. The stores may close at any time after they have given employees a seven-day notice.
Hastings President and CEO Jim Litwak issued the following statement Thursday regarding the company’s closing:
“Five weeks ago, Hastings filed for Chapter 11 protection with the goal of expediting our search for a buyer that would help us complete our remerchandising strategy and position our business for long-term success.
“At the completion of the sale process yesterday, 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. All Hastings stores, our e-Commerce business and our corporate office will all discontinue operations at the end of this process.
“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.
“We thank our customers and employees for their loyalty over the years, and we hope to see our customers at store closing sales.”
Visitors to gohastings.com can now only view one page, which loudly announces “going out of business” sales at all locations. Merchandise is up to 30 percent off to help move inventory and store fixtures quickly, and area residents have already taken advantage, with the Hastings location in Warrensburg seeing large crowds since the announcement was made.
Hastings was also known for buying, trading and renting video games and movies, options that are no longer available as of the liquidation announcement last week.