Hastings Stores Slash Prices, Inch One Step Closer to Closing
Hastings stores across the country have cut prices further as part of the company's Going Out of Business sale.
Thursday morning (Aug. 18), the retailer sent an email to members of its loyalty club to inform them that the percentage discount on most store inventory has been bumped to 30-50 percent off. Previously, the company's first round of price cuts as part of its Going Out of Business sale was listed as up to 30 percent off.
It's still unclear when several Hastings stores will close, as they're decided at the store-level. Employees at all locations must be given seven-days notice by management before a store is closed. Typically, inventory is reduced to a certain level before a store is closed.
News of Hastings' liquidation came out July 20. After filing for Chapter 11 bankruptcy in June and going up for sale, the Amarillo-based entertainment retailer was purchased by Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC.
According to the terms of the purchase, Hastings must close all 126 of its stores by October 31, 2016.
Hastings currently operates two locations in Lubbock, two in Midland-Odessa, one in San Angelo, one in Abilene, one in Wichita Falls and three in Amarillo.