Hastings Entertainment Inc. announced on its website that the company is filing for Chapter 11 bankruptcy.
Chapter 11 is the section of the U.S. Bankruptcy Code that allows a company to continue to conduct business as usual while completing a financial and/or operational reorganization.
“The Chapter 11 process will help to prepare our business for the intended sale while also providing additional protections and financing to allow us to serve you as usual,” the statement said. “Please be assured that Hastings stores and e-commerce business remain open and continue to bring you the superior selection of multimedia and entertainment products you have come to expect from us.”
No further financial information was provided.
Some Hastings programs will be changing. The company will no longer accept nor honor customer deposits for future movie purchases. Instead, existing deposits may be applied towards additional purchases in the store.
Game rentals will no longer be available, gift cards will expire on July 13, and Hastings’ buyback program has been suspended.
Hastings currently has a location in Clarksville at 1600 Fort Campbell Blvd.