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Hastings Stores are expected to close nationwide.
According to a statement from Hastings, the company was purchased by a joint venture that will oversee the liquidation of the stores. The sales process was completed Wednesday.
The company expects the Bankruptcy Court to approve the sales agreement on Friday. The companies which will oversee the closing sales are Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC.
Hastings’ parent company, Draw Another Circle, filed for Chapter 11 on June 13, 2016. As part of the filing, the store began the sales process. With a one week extension, the process lasted over the expected 30 day period.
Spokesperson Rachel L. Rosenblatt of FTI Consulting said today that the closure will impact 123 stores, which is all stores nationwide.
No store closure timeline has been established.
Below is the full statement from Hastings:
Five weeks ago, Hastings filed for Chapter 11 protection with the goal of expediting our search for a buyer that would help us complete our remerchandising strategy and position our business for long-term success.
At the completion of the sale process yesterday, the winning buyer was a joint venture that will instead oversee a liquidation of our stores to ensure we are maximizing the value of all of our remaining merchandise and assets as we prepare to close.
All Hastings stores, our e-Commerce business and our corporate office will all discontinue operations at the end of this process. On Friday, July 22, the Bankruptcy Court is expected to approve our agreement with the companies who will oversee our store closing sales, Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC.
We thank our customers and employees for their loyalty over the years, and we hope to see our customers at store closing sales.