Hastings Entertainment Going Out of Business
Hastings Entertainment's 123 stores will be shut down as a joint bid from two liquidators, Hilco Merchant Recourses and Gordon Bros. Retail Partners, was accepted by the court. When Hastings initially filed for Chapter 11 protection, its main strategy was to find someone to buy the company and the court gave the chain 30 days to do so. It was unable to finalize a deal within those 30 days.
Total Retail's Take: Hastings joins Sports Authority, Hancock Fabrics and other retailers that are going out of business this year. The music retailer, whose roots were in brick-and-mortar, struggled to compete in today's digital environment. Hastings isn't alone, however, as the fall of Tower Records and Sam Goody tell the story of a challenging vertical for brands with investments in brick-and-mortar retail.