Moses Lake among 123 Hastings stores closing
CBH Columbia Basin Herald Local News
MOSES LAKE — After filing Chapter 11 Bankruptcy in June, Hastings Entertainment announced it will close all of its stores by Oct. 31. The Moses Lake store will be among the 123-store closures nationwide.
The stores may close at any time after they have given employees a seven-day notice.
As reported in June, the company's debts include $80 million in secured loans and $59 million in trade bills.
The chain includes stores in north Spokane, the South Hill, Spokane Valley and Coeur d’Alene. Other Washington and Idaho locations are Richland, Wenatchee, Moscow, Lewiston, Nampa, Idaho Falls, Meridian and three stores in Boise.
On Friday, the Bankruptcy Court is expected to approve an agreement with the companies who will oversee the store closing sales, Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC. The two financial companies bought Hastings Entertainment in a joint venture to oversee the liquidation of all stores.
Court documents show that the stores will be liquidated using a "store closing," "everything on sale," "going out of business" sale.
A public relations spokesperson said the closing dates and sale start dates have yet to be determined.
The company posted a letter on its website on June 13 stating that some of its programs would be ending. The store stopped accepting and honoring customer deposits for future movie purchases. It also suspended game rentals.