Hastings Entertainment to file for bankruptcy

Don't have a Hastings in my hometown but they are prevalent in Texas and New Mexico where we often visit. I have walked in off the street and found some great buys on box sets and limited editions over the years. Also, a couple stores have a very large selection of used vinyl, too many to browse in one visit. I will miss the brick & mortar stores but also have used their on line store for special buys on new LP's and used CD's. The stores were always included in visits to Roswell, Santa Fe, Carlsbad, Las Cruces, NM and Victoria, TX. I will be sad to see them go.

 

I've never visited their stores, but I have purchased probably close to 100 CD's online via gohastings. Yes, some dodgy packaging, occasionally a long time between ordering and them shipping. That said, their deals are phenomenal if you are just looking for standard used CD's. Last week I bought a used copy (VG condition) of George Harrison's Brainwashed CD for $1.83 plus shipping. I had lost my original CD copy. Can't beat them for these kind of deals. Sad to see them go.

 

Since things at the GoHastings site still seem to be operating normally (at least for now) I placed what will likely be my last-ever order from them last night. Nothing mind blowingly rare or hard to find, just some skims from the ultra-cheap used stuff and clearance CDs.

 

Sounds really bad, I can't imagine a new investor interested in this sinking ship.

 

it makes you wonder what is securing those loans? their inventory? do they own the real estate for their stores? the owner's pockets?

 

Sad to see but not really very surprising. Their CD selection can include either damn good deals where used cd's (sealed) are marked down to $1.49 and 99 cents and on the other hand they'll have used cd's shipped from their Amarillo store that are priced at $4.99 and up that are in serious need to be buffed at the very least and tossed in file 13 at the very worst. The signs on the Albuquerque stores have a time limit to cash in their gift cards, IIRC the final date is July 13th.

I've been in a few dozen Hastings stores from Arizona to Texas to Nebraska. Spending money to truly call themselves entertainment is what they want to identify themselves with but the way they have done it in the last few years, welll,,,, I can understand cutting back on CD and DVD inventory but they have been spending boatloads of coin on comic books, toys, figurines, Black Sabbath coffee cups, Beatles shot glasses, etc., etc.etc. Have they been spending money like drunken sailors?

In any event, IMO it's sad because if they do an el' foldo there will be people losing their jobs-that's NEVER a good thing! I buy tunes online as well but I STILL like to contribute to a local store. We'll see if they find a buyer, if not, another huge franchise will be done.

Sad.

 

I just got a $5 off $25 on-line promotional code. Good through 7/16. Do I dare?

 

They are still fulfilling orders. If something goes wrong, time may very well run out on a return before they close up shop.

Their used media stock is looking fairly thin these days. They stopped purchasing used media so most of what's left is either common junk or overpriced.

 

I got a confirmation e-mail last night saying that five of the eight CDs I ordered have already shipped ... so far so good, I guess. Still waiting for info on the other three but it's not unusual for a day or two to pass between shipping updates.

 

Yup. At this point, they are still fulfilling orders.

If you are the type who is likely to return things because they're not quite up to your standards, I'd stay away, because there's no telling how long the return window will stay open.

 

I have now gotten "shipped" confirmation e-mails for all eight of the discs I ordered from GoHastings last week... nothin' to do now but wait for them to arrive.

 

As of Jul 13:

No gift cards
No refunds
No exchanges
No credits on accounts

(Before it just said no gift cards).

In other words, everything sold one way at this point, unless you want to dispute with your credit card company.

 

All eight of the CDs I ordered from GoHastings last week have arrived, so....hail and farewell, I guess. (sniff, sob)

 

I would be very cautious, then, because many GoHastings used CDs I've purchased have arrived in poor condition and I've had to get refunds.

 

....ehhh, I couldn't help myself, I ordered four more used cheapies from them the other night. (I'm sure the fact that I had several beers in me at the time helped.) ... just got an e-mail that three of them have already shipped.

This will DEFINITELY be my last ever order from them tho, cuz my PayPal account is now full of dust bunnies and tumbleweeds. By the time I get another cash infusion in there, GoHastings will likely be done.

 

This bankruptcy is also threatening Diamond Comics Distributor, the primary comic book distributor in the United States. GoHastings was the single largest Diamond account in the country. Hastings owes them something like $2 million.

 

Ouch....

 

I've noticed that Hastings's site has been listing inventory which was previously sold out/unavailable/oop, so try to check the site daily. My guess is they're in the process of clearing out the warehouses. Following the announcement, I haven't seen any new items ship to the stores, although some of the existing inventory from the warehouses seems to be making its way to store locations.

Regarding the actual stores, I've noticed shelves seem to be getting more barren and condensed and aside from the typical sales/specials, I haven't seen any signs indicating mass liquidation. A store employee I spoke to was very upbeat/positive and said he's confident they will find an investor and keep the stores open.

 

A couple things to report here:

Was in one of the Albuq. NM Hastings yesterday and the employees will know by Friday if a buyer has stepped in. Depends on the offer of course. Otherwise it will be bye bye. They've been running sales for some time on used cd's--buy one used, get the second one of equal or lesser value free. And just the other day I got a dvd from their mail order, division; good packaging, reasonable time for shipping. No complaints at all there.

In the late 90's to around 2006 or so I always did real well with trading, particularly with hardback books. I would go to yard sales and estate sales and get real good trade credit out of the hardback books I would get from the sales. How good? One time I bought a total of 45 books that cost me $12--I remember getting just a tad over $100 in trade credit for them! Of course those were the days before e-books. Still, over the years I picked up a pretty hefty selection of cd's.

Hopefully a buyer will take over here. Like I said previously the thought of people losing their jobs is not a good thought.

 

Just out of curiosity I counted up all the CDs I've gotten (mostly used and super cheap) from GoHastings since I first discovered them five years ago. The grand total was 95.

I was tempted to go back on their site today and order five more to make it an even hundred before they go down the tubes, but thought better of it....

 

It's official: all Hastings stores will be closed by the end of October. Fare thee well.

Hastings to Close All Stores by October 31 »

 

Amarillo.com reports that Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC co-purchased Hastings and will oversee the liquidation of its assets.

Read More: Hastings to Close All Stores by October 31 | Hastings to Close All Stores by October 31 »

Just to cut stupid talk off at the knees:

Hilco and Gordon Bros always do clearance sales the same: Raise all prices to full list prices, then slowly titrate off those list prices as time goes by. Most everything in the store will start off MORE expensive than it recently sold for on sale, even with the paltry discount. Discounts will be promoted as "up to XX%" with the only items actually at the maximum those with huge markups and which never sell at retail.

By the time the discounts are good, nothing much of value will be left.

 

Very sad news indeed. So many great memories going back to the days of VHS and beyond. I remember back in the 80s when they used to display promotional movie cardboard cutouts/standees from movies around the store. Then there was the constant popcorn aroma. Books and magazines galore. Really going to miss Hastings.