Wednesday, August 03, 2016
Hastings goes under
And another one bites the dust.
Borders Books went under.
Tower Records crashed and burned.
Music Warehouse closed its doors.
And now, as reader Carlos points out, Hastings Entertainment has gone bankrupt and all stores will be closed by the end of October.
Once upon a time, you could rent games, movies, buy games, books, movies, music, collectibles, magazines at Hastings.
Now the doors are yet again closing on another chain of stores that provided entertainment and acted as a social gathering spot.
Yes, you can shop online.
But it's not the same as going to a store, bumping into friends, finding something on a shelf you didn't even know was available.
Dave Diaz of Farmington, New Mexico tells Noel Lyn Smith (FARMINGTON DAILY NEWS), "We're one of the last media entertainment stores in most communities -- Hollywood Video, Blockbuster are gone. Most music stores are gone. What I'm hearing a lot from customers is that there's going to be a noticeable hole in that kind of product in town."
Diaz is one of approximately 2,000 people across the country who will be losing a job due to the store closings.
Bonnie Vculek (ENID NEWS& EAGLE) notes:
The Wall Street Journal reported Hastings’ debts included $80 million in loans, $59 million in trade bills, and in 2015, the company’s losses were $16.6 million on $401 million in revenue.
Hastings was founded in 1968 and operates 126 stores throughout the United States. In addition to Enid, Hastings has stores in Ada, Altus, Ardmore, Bartlesville, Lawton, Muskogee, Norman, Ponca City, Stillwater and Yukon.
Another one bites the dust.