Hastings Is Now One Step Closer to Closing for Good
Amarillo-based retailer Hastings, which operates 126 stores including two in Lubbock, is potentially within a few days of going bankrupt.
Hastings announced in June that it was voluntarily filing for Chapter 11 bankruptcy protection. During that time, the company confirmed that it was suspending its video game rental and buyback programs and setting a July 13 deadline for all gift cards and store credit.
The Chapter 11 filing set up a July 11 deadline for the company to receive bids. However, a seven-day extension was granted, and now Hastings has until July 18. Should no buyer emerge by that date, the company and its inventory, valued at $131 million, will be auctioned off two days later.
The auction potentially spells the ends for Hastings, since buyers wouldn't need to purchase the entirety of the company, but portions of their inventory.
Despite the company's recent policy changes, things are still business as usual for many Hastings stores.
The company is still operating its Passport program, sending out coupons through newsletters and stocking new video games and movies. Some locations, including the Hastings on 82nd Street in Lubbock, are even getting on board with the new Pokemon Go craze, offering a discount to customers who catch the pocket monsters while shopping in the store.
Some on Twitter are even rallying to show support for the company during its financial troubles, hoping for the best as Hastings faces oblivion.