Hastings said Thursday that its stores, e-commerce operations and corporate office will close at the end of a liquidation process.
The retailer filed for Chapter 11 bankruptcy protection five weeks ago, intending to expedite its search for a buyer that would help it complete its remerchandising strategy.
Hastings announced Thursday that the winning buyer Wednesday was a joint venture “that will instead oversee a liquidation of our stores to ensure we are maximizing the value of all of our remaining merchandise and assets as we prepare to close.”
Hastings has 126 stores in medium-sized communities across the United States, including three in Boise, one in Meridian and one in Nampa. The chain has been challenged by an increasing number of competitors and a sinking demand for in-store music, movies, books, games and rentals, which used to drive most of Hastings’ sales.
“We thank our customers and employees for their loyalty over the years, and we hope to see our customers at store closing sales,” a company spokeswoman said in the statement.
A bankruptcy court is expected to approve the agreement Friday with Hilco Merchant Resources LLC and Gordon Brothers Retail Partners, the companies that will oversee the store-closing sales.
The Idaho Statesman and Lewiston Tribune contributed.