Texas-based Hastings Entertainment has filed for bankruptcy and may close its 126 retail stores in the U.S. if it can’t find a buyer within 30 days, reported The Associated Press.
Officials for the retailer, which sells movies, music, video games, books and pop culture items, say the reorganization filing includes its parent company, Draw Another Circle, and sister brands Movie Stop and SPImages.
A statement posted Monday on the Hastings website said the Chapter 11 process will help prepare the business for an intended sale, while providing protections and financing to continue operations. Further financial details weren’t released.
Hastings also operates concept stores in Colorado and New Mexico.
The company has more than 3,000 employees, about 500 of them in Amarillo, Texas, where it’s based.
Hastings said it will no longer accept or honor deposits for movie purchases and will no longer rent games. Hastings gift cards expire July 13. The company’s buyback program has been suspended.
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