Hastings Files For Bankruptcy
According to published reports, Texas-based Hastings Entertainment has filed for Chapter 11 bankruptcy protection. Hastings has stores in Billings and six other Montana cities. The parent company, Draw Another Circle, issued a statement Monday saying that it is in a 30-day sale process, meaning all stores will operate normally while the company evaluates offers from potential buyers.
The Hastings store manager in Billings directed all inquiries to a New York-based publicist, who said the fate of the individual store locations will be determined by the sale. Hastings is one of three anchor tenants at West Park Promenade. All Hastings gift cards will reportedly expire July 13.
The stores will no longer honor customer deposits for future movie purchases and the buyback program has been suspended immediately. Game rentals are also no longer available. The company was founded in 1968. There are currently 123 superstores across the country.