Post by Logan on Jun 13, 2016 21:32:50 GMT -6
Amarillo’s Hastings Entertainment files for bankruptcy, to close stores
Hastings Entertainment, an Amarillo-based retailer of music, books and video games, filed for bankruptcy with a plan to continue closing stores and sell the rest of its assets if it can.
The rise of digital-media providers such as Amazon.com and Spotify has roiled entertainment retailers, pushing chains like Blockbuster, Borders Group and Tower Records out of business.
In court filings Monday in Delaware, Hastings Chief Financial Officer Duane A. Huesers blamed the “tremendous growth” of online merchants for its downfall, citing “a decline in the market for physical media properties like music, movies, books, games and media rentals.”
The company requested court permission to continue closing 40 MovieStop locations under an arrangement reached in May with liquidator Gordon Brothers Retail Partners and to auction the remainder of its assets.
Read more here: www.star-telegram.com/news/business/article83483127.html
Hastings Entertainment, an Amarillo-based retailer of music, books and video games, filed for bankruptcy with a plan to continue closing stores and sell the rest of its assets if it can.
The rise of digital-media providers such as Amazon.com and Spotify has roiled entertainment retailers, pushing chains like Blockbuster, Borders Group and Tower Records out of business.
In court filings Monday in Delaware, Hastings Chief Financial Officer Duane A. Huesers blamed the “tremendous growth” of online merchants for its downfall, citing “a decline in the market for physical media properties like music, movies, books, games and media rentals.”
The company requested court permission to continue closing 40 MovieStop locations under an arrangement reached in May with liquidator Gordon Brothers Retail Partners and to auction the remainder of its assets.
Read more here: www.star-telegram.com/news/business/article83483127.html