Hastings is closing all of their stores.
Instead of announcing new ownership, the company plans to begin liquidating their merchandise and assets as they prepare to close nearly 123 stores, according to a press release from Hastings.
The closings, however, will be dealt with on a store-by-store basis, according to company officials. All sales of merchandise must be concluded by Oct. 31, but individual store locations can close at any time as long as they have given employees a seven-day notice.
Hastings filed for Chapter 11 bankruptcy in June with the goal of expediting their search for a buyer that would help it complete a strategy that would position them for future success.
One of the key initiatives was to downsize those physical media products, move them to the back of the store, and bring forward aspects that are growing, like licensed goods, T-shirts, comics and vinyl products.
The refresh was done to make shopping easier throughout the brick and mortar stores and increase sales for potential investors. T
The reset didn’t change sales enough to stay open.
When the company announced its bankruptcy last month, Hastings suspended its buy-back program and customers could no longer rent games. Hastings gift cards expired Wednesday, July 13. The retailer also ceased to accept or honor customer deposits for future movies purchased. Instead, existing deposits may be applied toward additional purchases in the store.
On July 22, the bankruptcy court is expected to approve the agreement between Hastings and the companies that will oversee the store closing sale. Those companies are Hilco Merchant Resources and Gordon Brothers Retail Partners.
All stores are expected to be closed by October 31. The closings include their website gohastings.com .