Hope for Hastings? Two Companies Show Interest in Troubled Texas Retailer
The fate of Hastings is currently up in the air, but could be decided by week's end.
Two companies have shown interest in the Amarillo-based retailer, which boasts 126 stores in the U.S.
According to Publishers Weekly, both Gordon Brothers Group and Bloomberg L.P. have expressed interest in acquiring Hastings Entertainment. The companies reportedly attended a hearing on Monday, July 18 -- the deadline for expressing interest in Hastings.
It's unknown at this time if either company will, if they purchase Hastings, elect to keep some or any of the company's stores open.
An auction is scheduled for today, Wednesday, July 20. A followup hearing to approve any results from the auction will happen Friday, July 22.
An extension was previously granted to Hastings, changing the original July 11 deadline for receiving bids to July 18.
Hastings has 36 stores in Texas, which includes two in Lubbock. Its inventory is valued at approximately $131 million.