The final chapter of another retail chain began with the announcement that Texas-based entertainment and media retailer Hastings Entertainment Inc. will close all of its locations by Oct. 31, the Mohave Valley (Ariz.) Daily News reported yesterday. Hilco Merchant Resources and Gordon Brothers Group, financial consultation and management companies, were the successful bidders at a bankruptcy auction that took place on July 20. The joint venture partners announced Friday they would begin going-out-of-business sales at all Hastings retail locations on Saturday. Hastings Entertainment, along with its corporate parent, Draw Another Circle, and sister brands Movie Stop and SPImages, filed for chapter 11 protection five weeks ago to help prepare the business for an intended sale. Hastings stores will no longer accept refunds, gift cards, credits on accounts or exchanges. Gift card holders must register with Rust|Omni Bankruptcy Consulting to assert a claim for the unredeemed balance of a gift card. Nationally, Hastings operates more than 120 superstores in addition to concept stores in Colorado and New Mexico. The company was founded in 1968 as a multimedia retailer combining the sale of new and used books, videos and trend merchandise, along with the rental of videos and video games.
