Texas-based entertainment retail chain Hastings is planning to close all its stores as it is being sold after filing for Chapter 11 bankruptcy last month.
It had expected that it would find a buyer; however, as no buyer came forward, Hastings was forced to liquidate inventory, and announce the closure of all of its 126 stores.
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The bankruptcy court is expected to give its approval for the divestment of Hastings to Hilco Merchant Resources, and Gordon Brothers Retail Partners this week.
Following completion of the sale, all business operations of the retail will discontinue.
Hastings was struggling with debt. It owed a significant amount to Diamond, a comic book distributor. Its debt comprised around $80m in loans and $59m in trade bills, reported Techtimes.com.
Beginning operations as family-owned store in Amarillo, Texas, in 1960s, Hastings gradually opened outlets across the southern US and parts of the mid-west
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By GlobalData.The retailer presently employs about 3,850 people.
