Hastings Files for Bankruptcy

Hastings (Amarillo, Texas) has voluntarily filed for Chapter 11 bankruptcy and is seeking a buyer who could refresh its store base.

“We are hopeful that we are on the right path but need an additional cash infusion to complete our remerchandising strategy,” said Jim Litwak, president and coo of Hastings, in a press release.

Hastings expects to operate stores as usual and maintain associates’ existing wages and benefit programs while parent company Draw Another Circle evaluates offers.

If the company cannot locate additional investors or a buyer, it may be forced to close its 126 stores, according to KFYO News/Talk 790. Hastings sells books, movies, music and video games.