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Hastings Music/Movie chain may file for bankruptcy


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I know there are quite a few of us here who either shop at a Hastings store or (like me) frequently order cheap stuff from their GoHastings web site. Sounds like we'd better enjoy them while we can.... icon_sad.gif

http://www.bloomberg.com/news/articles/2016-06-08/hastings-entertainment-chain-said-to-prepare-bankruptcy-filing

Hastings Entertainment Inc., a Texas-based retailer of music, books and video games, is preparing a bankruptcy filing, according to people familiar with the matter.

The filing is expected to come this month and possibly as soon as this week, said the people, who asked not to be identified because the process isn’t yet public.

The rise of digital-media providers such as Amazon.com Inc. and Spotify Ltd. have disrupted the market for records and books -- a trend that pushed chains like Blockbuster, Borders Group and Tower Records out of business.

Hastings, founded in 1968, became a private company when Joel Weinshanker’s Draw Another Circle LLC acquired it almost two years ago. It operates about 125 stores.

 

 

 

...not exactly unexpected news but still a bummer. I've ordered a butt load of CDs from their web site since I first discovered it (thanks to this forum!) five or six years ago. I will be sorry to see'em go.

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  • 2 weeks later...

Things still seem to be operating business-as-usual on the GoHastings web site, at least for the moment (i.e. no "GOING OUT OF BUSINESS!" or "EVERYTHING MUST GO!" banners), aside from a note saying that they will only honor Hastings gift cards thru July 13th.

 

I placed what will likely be my last-ever order with them last night. I didn't order anything mind blowingly rare or hard to find, just another heap o'cheap common/used stuff. I figured I might as well fill in a few more back-catalog gaps while I still had the chance.

 

I will miss that site when it finally goes belly up. :crying:

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  • 2 weeks later...

Last I heard, the chain is up for sale and if they don't find a buyer by mid-July then they're toast.

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Last week I received what I thought was gonna be my last ever shipment from Go-H, but...

 

...ehhh, I couldn't help myself, I ordered four more used cheapies from them the other night. (I'm sure the fact that I had several beers in me at the time helped.) ... just got an e-mail that three of them have already shipped.

This will DEFINITELY be my last ever order from them tho, cuz my PayPal account is now full of dust bunnies and tumbleweeds. By the time I get another cash infusion in there, GoHastings will likely be done.

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It's official: Hastings is toast. All stores will be closed by the end of October.

Fare thee well :(

 

http://kissfm969.com/hastings-closing-liquidated/

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(begin shameless self promotion)

 

I wrote a quickie blog entry on the demise of the Hastings music/movie store chain. Is it weird that I'm mourning their loss even though I've never actually set foot in one of their stores, only bought from them online? :unsure:

 

http://hubpages.com/entertainment/Farewell-to-Hastings-Entertainment-Superstores

 

(end shameless self promotion)

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The right thing to do is to shut down all stores, hire a warehouse and continue the business online just like everyone, but maybe they just don't want to compete with ebay or amazon ?

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