Hastings To Become A Name From The Past
Hastings will soon be a retail name of the past, as the company’s new owners plan to close all the stores– including the one at West Park Promenade in Billings– and liquidate assets. A joint venture of Hilco Merchant Resources and Gordon Brothers Retail Partners, both Limited Liability Corporations, won controlling interest at auction Wednesday and decided to liquidate instead of preserve the Texas-based retailer.
Hastings filed for Chapter 11 bankruptcy protection to delay the sale, hoping to find a buyer that would preserve the business. Hastings reportedly owes about $80 million in secured debts and $59 million in trade bills. Any plan for the closure of stores requires approval by the U.S. Bankruptcy Court of Delaware, which is expected to rule today. All 126 stores nationwide will hold closing sales with deep discounts. In Montana, Hastings also has stores in Great Falls, Missoula, Helena, Bozeman and Butte.