The Hastings store in my area told me today that they are not closing. So I guess its just certain stores...........
gohastings.com
- Thread starter wookieone
- Start date
Help Support Collector Freaks Forum:
Space Jockey
Super Freak
Pasted over from another thread, did not realize there was a thread here.
The Hastings where I am still has plenty of comics and new figures, but they have stopped movie rentals in the last couple of days and stopped refunds and exchanges.
I hope they can hang in there and find a buyer. I believe Tuesday 19th was the deadline (after an extension) for them to get one.
There are a bunch of hearings in August. Hopefully Hastings will come through although likely a leaner version (i.e. removing the SP Images and Moviestop parts of the business).
EDIT
More info: https://amarillo.com/news/local-news/2016-07-18-0
The Hastings where I am still has plenty of comics and new figures, but they have stopped movie rentals in the last couple of days and stopped refunds and exchanges.
I hope they can hang in there and find a buyer. I believe Tuesday 19th was the deadline (after an extension) for them to get one.
There are a bunch of hearings in August. Hopefully Hastings will come through although likely a leaner version (i.e. removing the SP Images and Moviestop parts of the business).
EDIT
More info: https://amarillo.com/news/local-news/2016-07-18-0
Shawpaw
Super Freak
I just think they are going to close. Someone will probably buy pieces of the company (e.g. online store, stock, etc.) but they won't buy all of those stores in US
Space Jockey
Super Freak
Looks like they are closing. :-( That seriously sucks. Love this store.
****************************************************************************************************************
Hastings Entertainment will be liquidated, according to court documents filed Wednesday.
Bidding on the beleaguered company in a Delaware bankruptcy court ended Wednesday afternoon, and according to the agency agreement an “everything must go” sale, which ends Oct. 31 at the latest, will be the end of the Amarillo retail chain’s story.
Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC, two financial consultation and management companies, bought the company in a contractual joint venture.
The documents say that these companies, which will oversee the liquidation, will be authorized to advertise the move as a “store closing,” “sale on everything,” “going out of business” sale.
On a store-by-store basis, any Hasting store can close at any time, but only after giving employees a seven-day notice, and the sale of all merchandise must be complete by Oct. 31.
The money earned by selling off Hastings’ inventory will go to Bank of America and Pathlight Capital, both of which provided the company capital during the bankruptcy proceedings.
According to the Wall Street Journal, Hastings’ debts total roughly $139 million, but the courts have deemed the total value of the sale to be between $106 million and $114 million. The documents guarantee that the creditors will receive 75 percent of that amount.
If the sale should exceed that threshold, then the joint venture will receive an up-front fee of 6.5 percent on the excess, and anything beyond that fee will be divided 50-50 between the venture and Draw Another Circle, Hastings’ parent company.
Although the court has another 24 to 48 hours to finalize the documents, it appears the agreement will go through.
According to the court documents, which are available on the Amarillo Globe-News website at amarillo.com, the company is only required to give employees a seven-day notice if they are to be terminated at any point during the liquidation of inventory.
Hastings customers leaving the store on South Georgia street on Wednesday evening reacted to the news of the store’s fate.
“It’s really unfortunate,” said Alex Hernandez. “From what I’ve read, Hastings had a really big start here in Amarillo, and I think when it comes down to it, it’s hard to see companies go. But that’s kind of how life is sometimes.”
Hernandez, 21, said he would visit Hastings to buy comic books and vinyl records.
“It’s a very niche store,” he said. “Now that if it’s not around, it’s going to be hard to find other options.”
While disappointed by the closure, customer Taylor Martin, 23, didn’t seem surprised.
“We don’t buy a lot here, but it’s nice to browse; you can do it on the Internet, but it’s not the same.
“A lot of people know there’s better deals on the Internet, so they buy on Amazon instead of in the store,” she said. “And I do that, too. I see a book that’s $14 and I know I can get it used on Amazon for like a penny.”
Founded by Sam Marmaduke in 1968 in Amarillo, the company currently employs about 3,850 people.
There are 36 Hastings locations in Texas alone, which account for 1,200 jobs, more than 400 of which are distributed between the three store locations and main distribution center in Amarillo.
The agreement marks the beginning of the end for Amarillo’s retail success story.
Hastings’ business model was one of delivering specialty entertainment to small and medium-sized markets that did not have access to many entertainment products found in larger cities. Founder Sam Marmaduke historically referred to this policy as “running to the light.”
On Wednesday, Jacob Roberts, a Colorado-based artist, tweeted that he was “hoping for good news today about (Hastings) and their auction. My life would be incomplete without my store, so please save these stores!”
Unfortunately for Roberts, and many other shoppers who grew up with a Hastings location in their community, that apparently won’t be the case.
****************************************************************************************************************
Hastings Entertainment will be liquidated, according to court documents filed Wednesday.
Bidding on the beleaguered company in a Delaware bankruptcy court ended Wednesday afternoon, and according to the agency agreement an “everything must go” sale, which ends Oct. 31 at the latest, will be the end of the Amarillo retail chain’s story.
Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC, two financial consultation and management companies, bought the company in a contractual joint venture.
The documents say that these companies, which will oversee the liquidation, will be authorized to advertise the move as a “store closing,” “sale on everything,” “going out of business” sale.
On a store-by-store basis, any Hasting store can close at any time, but only after giving employees a seven-day notice, and the sale of all merchandise must be complete by Oct. 31.
The money earned by selling off Hastings’ inventory will go to Bank of America and Pathlight Capital, both of which provided the company capital during the bankruptcy proceedings.
According to the Wall Street Journal, Hastings’ debts total roughly $139 million, but the courts have deemed the total value of the sale to be between $106 million and $114 million. The documents guarantee that the creditors will receive 75 percent of that amount.
If the sale should exceed that threshold, then the joint venture will receive an up-front fee of 6.5 percent on the excess, and anything beyond that fee will be divided 50-50 between the venture and Draw Another Circle, Hastings’ parent company.
Although the court has another 24 to 48 hours to finalize the documents, it appears the agreement will go through.
According to the court documents, which are available on the Amarillo Globe-News website at amarillo.com, the company is only required to give employees a seven-day notice if they are to be terminated at any point during the liquidation of inventory.
Hastings customers leaving the store on South Georgia street on Wednesday evening reacted to the news of the store’s fate.
“It’s really unfortunate,” said Alex Hernandez. “From what I’ve read, Hastings had a really big start here in Amarillo, and I think when it comes down to it, it’s hard to see companies go. But that’s kind of how life is sometimes.”
Hernandez, 21, said he would visit Hastings to buy comic books and vinyl records.
“It’s a very niche store,” he said. “Now that if it’s not around, it’s going to be hard to find other options.”
While disappointed by the closure, customer Taylor Martin, 23, didn’t seem surprised.
“We don’t buy a lot here, but it’s nice to browse; you can do it on the Internet, but it’s not the same.
“A lot of people know there’s better deals on the Internet, so they buy on Amazon instead of in the store,” she said. “And I do that, too. I see a book that’s $14 and I know I can get it used on Amazon for like a penny.”
Founded by Sam Marmaduke in 1968 in Amarillo, the company currently employs about 3,850 people.
There are 36 Hastings locations in Texas alone, which account for 1,200 jobs, more than 400 of which are distributed between the three store locations and main distribution center in Amarillo.
The agreement marks the beginning of the end for Amarillo’s retail success story.
Hastings’ business model was one of delivering specialty entertainment to small and medium-sized markets that did not have access to many entertainment products found in larger cities. Founder Sam Marmaduke historically referred to this policy as “running to the light.”
On Wednesday, Jacob Roberts, a Colorado-based artist, tweeted that he was “hoping for good news today about (Hastings) and their auction. My life would be incomplete without my store, so please save these stores!”
Unfortunately for Roberts, and many other shoppers who grew up with a Hastings location in their community, that apparently won’t be the case.
Shawpaw
Super Freak
Oh my god. Well, I may have to go pick up the last HT wolverine and figures at my local store once they do massive sales.
Bummer.
Bummer.
So if I purchase an older, more expensive figure that's listed on the website with my PayPal account, what happens if they aren't in stock? I get a bad feeling that they'll probably end up cancelling on me because I was surprised they had it listed, but it was too good of a deal not to take the risk. I'm hoping it's not a huge issue if I need to get my money back.
You should get a refund. If not, you can file a Paypal dispute. You should be covered.
Typically you would get an e-mail. If there is an issue with their going out of business, you should still be protected by Paypal. Paypal eats so much money for transactions that it's the least they can do, IMO.
Going out of business sale only at in store locations...........30% off everything
https://www.gohastings.com/custserv/custserv.jsp?pageName=GOOB
https://www.gohastings.com/custserv/custserv.jsp?pageName=GOOB
Shawpaw
Super Freak
Only 30%??? Damn. Was hoping for 40-75%
screamingmetal
Super Freak
Just a word of warning, if you do buy something from them online, the Customer service is now completely gone. If you have any issues, they will not help you. Instead, they will send you an email with a link to their Creditor's website to file a claim.
I had ordered a bunch of CDs before I found out about the bankruptcy filings and when half of one CD wouldn't play, another was missing a disk, and the last one was never sent, (tracking number printed out but never given to the post office) they would not help me in any way.
They use to have great customer service, but now it's non-existent.
They did have a sale a couple of weeks ago that had HT and Sideshow figures for buy one get the second for 50% off. I was tempted but I'm glad I held off.
I'm still pissed about it, but it doesn't seem worth the hassle of trying to get about $4 by filing a claim for the missing CDs.
I had ordered a bunch of CDs before I found out about the bankruptcy filings and when half of one CD wouldn't play, another was missing a disk, and the last one was never sent, (tracking number printed out but never given to the post office) they would not help me in any way.
They use to have great customer service, but now it's non-existent.
They did have a sale a couple of weeks ago that had HT and Sideshow figures for buy one get the second for 50% off. I was tempted but I'm glad I held off.
I'm still pissed about it, but it doesn't seem worth the hassle of trying to get about $4 by filing a claim for the missing CDs.
kl241
Super Freak
- Joined
- May 12, 2007
- Messages
- 8,527
- Reaction score
- 19
You can't buy anything online at gohastings.com anymore. Page directs to their GOOB notice.
I stopped by Tradesmart yesterday, their "experimental" store and everything was 30% of EXCEPT action figures and collectibles which were only 20% off. I bought the last Sideshow Speederbike because even at 20% off that was a savings of $60 which I would never get ordering from Sideshow with their fixed pricing so it was still a good deal. I'll probably go back when the discounts drop to 50-70% off.
I stopped by Tradesmart yesterday, their "experimental" store and everything was 30% of EXCEPT action figures and collectibles which were only 20% off. I bought the last Sideshow Speederbike because even at 20% off that was a savings of $60 which I would never get ordering from Sideshow with their fixed pricing so it was still a good deal. I'll probably go back when the discounts drop to 50-70% off.
FriendlySamurai
Super Freak
this sucks... always been a fun place to look around in and waste some time. Rented vids from them ever since be kind rewind was the slogan.
Shawpaw
Super Freak
Yeah I was bummed about the closing. Always enjoyed buying comics from them. Never bought many action figs from them.
I was scared about that two when i found that bogo sale coupon, and read about the no returns but somebody made a mistake and when you added two items to cart both where 50% off so i got 1/4 scale maark 42 and a Neca 1/4 scale alien both shipped for under $400
kl241
Super Freak
- Joined
- May 12, 2007
- Messages
- 8,527
- Reaction score
- 19
It's up to 40% off now but all action figures and collectibles are still only 20% off. What a joke. They want to liquidate their inventory they had better apply the discount to that stuff because that's at least half of their store inventory. New vinyl is only 10% off. Where's the incentive?
Shawpaw
Super Freak
Yeah I expected better sales
Similar threads
