Laramie Hastings Will Be Liquidated, Closed
Employees of the Laramie Hastings will likely find themselves out of work as all Hastings Entertainment stores are set to be liquidated and closed.
The company filed for Chapter 11 bankruptcy protection five weeks ago. Wednesday, a joint venture of Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC purchased Hastings Entertainment and is set to oversee the liquidation of all stores as the company, including the e-Commerce side and corporate office, prepares to shut down.
According to the company's statement, the Bankruptcy Court is expected on Friday to approve Hastings' agreement with the two companies.
FTI Consulting, which disseminated the Thursday morning statement from Hastings, said no further comment was available.
Here is the full statement from Hastings Entertainment:
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.