According to multiple news outlets, after more than a month of bankruptcy proceedings, Hastings Entertainment will close all stores by Oct. 31.
Las Cruces has one Hastings store at 2350 E. Lohman Ave. Hasstings is a multimedia entertainment retailer that combines the sale of new and used books, videos, video games and music. They also offer video and video game rentals. The 126 Hastings stores average about 24,000 square feet, primarily in medium-sized markets throughout the United States, according to the company’s website. Hastings was founded in 1968 and is based in Amarillo, Texas.
Rachel Rosenblatt, managing director of strategic communications for FTI Consulting, which manages public relations for Hastings, said the timeline to close stores has yet to be determined.
Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC purchased Hastings Entertainment during auction Wednesday and will oversee liquidation of the stores, according to a statement from Hastings.
“All Hastings stores, our e-Commerce business and our corporate office will all discontinue operations at the end of this process,” the company reported.
Hastings filed for Chapter 11 bankruptcy June 13, citing increasing numbers of competitors and the declining demand for physical media like music, movies, books, games and rentals.
The Wall Street Journal reported Hastings’ debts included $80 million in loans, $59 million in trade bills, and in 2015, the company’s losses were $16.6 million on $401 million in revenue.