Hastings Entertainment Files Chapter 11 Bankruptcy

by San Antonio Attorney

Retail chain Hastings Entertainment recently filed for Chapter 11 bankruptcy protection, according to an official announcement.

Hastings is known in the United States for selling collectible items such as games, books and movies.

Jim Litwak, President of Hastings Entertainment, said through a press release that the company has been trying to solve its problems particularly the increasing number of competitors and the reduced demand for physical media.

Physical media can be in the form of books, DVDs and games.  These comprise majority of Hasting’s sales for the previous years.  However, a remerchandising strategy was devised to counteract the challenges of the rise of digital media.  This posed a risk for more problems due to impending financial problems from other business acquisitions.  Increased financial resources were needed as means to maintain operations in a timed manner.

Litwak added that the other branches of the company such as the Bartlesville store, will maintain operations for the meantime.

The major changes will include exclusion of customer deposits, no more game rentals and suspended buyback programs.   Hastings will continue to accept return purchases under old policies.  Its rewards programs be retained as well, making the accumulated points of each members untouched.

The residents of Bartlesville said that the company’s bankruptcy does not change their preference of making their transactions.  Heather White, a resident, expressed her profound interest in books and movies, which can only be found in Hastings.

Amanda Baecker-Bond, another resident, was grateful that one store will maintain its operations.

Pricing changes, particularly special promotions, will be created along with the normal course of business in the company, according to a recent statement in June 13.

Bartlesville branch is currently holding a sale that includes a 50 percent off on all its Vinyl POP figures.  Other promos include free records on the third item purchase and 50 percent off on used video games.

 

 

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