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.
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“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.