Hastings Entertainment to close, liquidate all stores - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

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Hastings Entertainment to close, liquidate all stores

(Source: Rob Foote, KFVS) (Source: Rob Foote, KFVS)
(KFVS) -

After filing Chapter 11 Bankruptcy in June, Hastings Entertainment will close all of its stores by October 31, 2016.

According to court documents, bidding on the company ended July 20 in a Delaware bankruptcy court.

Two financial companies bought Hastings Entertainment in a joint venture to oversee the liquidation of all stores.

Court documents show that the stores will be liquidated using a "store closing," "sale on everything," "going out of business" sale.

The stores may close at any time after they have given employees a seven-day notice.

As we reported in June, the company's debts include $80 million in secured loans and $59 million in trade bills.

The company posted a letter on its website on June 13 stating that some of its programs would be ending.

The store stopped accepting and honoring customer deposits for future movie purchases. It also suspended game rentals.

There are Hastings stores in Cape Girardeau, Poplar Bluff, and Dyersburg, Tenn.

When we called the store in Cape Girardeau, an associate said she could not speak with us and hung up.

An associate in Poplar Bluff said they have not been told anything yet and directed us to the company's public relations spokesperson.

The person that answered the phone at the store in Dyersburg said they had not heard anything yet.

The public relations spokesperson said the closing dates and sale start dates have yet to be determined.

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Copyright 2016 KFVS. All rights reserved.

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