Hastings, a national chain selling books, comics, music, and movies, announced that if buyers for its 126 stores cannot be found, they will be forced to close down.
Hastings has been working diligently to overcome our business challenges and we have made significant progress with a remerchandising strategy and other initiatives aimed at increasing profitability. To continue our transformation, we have initiated a comprehensive process to identify a buyer or investor that will give us the additional financial stability we need to move forward. While we are hopeful a sale agreement will be reached, we also have a responsibility to prepare for all contingencies.
As a result, we were obligated to formally notify our associates that, if a sale agreement cannot be achieved in a timely manner, we may need to begin downsizing our corporate office and/or closing the entire Hastings chain due to our continuing financial challenges. Our management team believes there are a number of parties that would be interested in acquiring our brand, and we are doing everything possible to create a strong future for our business and for this great team.