. hastings entertainment discover your entertainment type private industry entertainment retail fate chapter 11 bankruptcy founded amarillo texas 1968 headquarters amarillo texas usa products books magazines cds dvds software video games boutique accessories coffee revenue 531 346 000 usd 2009 1 net income 6 933 000 usd 2009 1 parent draw another circle website http www.gohastings.com hastings entertainment is a u.s. retail chain that sells books movies music and video games . as of 2016 it had 126 superstores 2 which are mainly located in the south central united states rocky mountain states and in parts of the great plains and midwestern states . hastings entertainment stores are also located in many college towns in the u.s. the company also rents movies and video games and buys used books movies music and video games for resale . hastings entertainment is headquartered in amarillo texas . contents 1 history 2 controversies 3 references 4 further reading 5 external links history edit in 1968 the company was founded as a retailing division of western merchandisers inc. a books and music wholesaler . in 1990 western merchandisers became a subsidiary of wal mart stores inc. . in 1994 wal mart sold western merchandisers to anderson media corporation and the former western merchandisers then operated as anderson merchandisers . 3 in 2010 hastings opened up a sports equipment retailer called sun adventure sport in amarillo and later added a store in lubbock texas . 4 in august 2011 hastings opened tradesmart a store in littleton colorado specializing in used electronics media and other trend clarification needed merchandise . 4 also in 2010 hastings opened an account with diamond comic distributors covering every store they operate making hastings the largest direct market comic book retailer in the united states . the comic sections of all stores were expanded in connection with the diamond account . 5 in 2013 hastings redesigned its stores to emphasize toys gifts action figures and licensed and branded products which have higher profit margins as sales of books music and videos declined . 6 in 2012 after years of losses and with more losses projected in the future the company s directors decided to shop the company to potential buyers . 6 in april 2014 hastings agreed to be purchased by draw another circle llc a company controlled by merchandising executive joel weinshanker for 21.4 million ; another weinshanker subsidiary had already owned 12.4 percent of hastings . the buyout deal called for hastings ceo john marmaduke son of the chain founder sam marmaduke to retire with a 1.5 million cash payment and for stockholders to be paid off at 3 a share . 6 the purchase was completed in july 2014 . 7 in november 2014 draw another circle which owned hastings entertainment purchased moviestop a 44 store chain selling used movies and related merchandise . 8 in june 2016 hastings entertainment filed for bankruptcy protection . 9 hastings entertainment was granted an extra week to find new investors but when they didn t have new investors on july 20th 2016 then creditors namely bank of america gave hilco merchant resources llc and gordon brothers retail partners llc responsibility of liquidating hastings stores . 10 controversies edit on march 7 2000 the company restated its earnings in the first three quarters of fiscal 1999 . 11 on march 14 2000 hastings entertainment inc. was sued for reporting profits of more than 12 million during the class period while they used hastings common stock to maintain false reports of the company s growth and profitability by raising almost 40 million in an initial public offering . 12 hastings paid 5.75 million for settlement . references edit a b fiscal year 2009 annual report . retrieved 18 may 2007 . about us gohastings . retrieved 16 june 2016 . bowser david . local companies have broad reach . amarillo globe news . 27 february 2005 . retrieved 18 may 2007 . a b karen smith welch september 21 2013 . hastings concept stores gain traction . amarillo globe news . retrieved september 8 2015 . johnston rich . hastings the first national comic store chain in us bleeding cool . june 21 2010 . a b c karen smith welch april 23 2014 . report hastings saw bleak future . amarillo globe news . retrieved september 8 2015 . hastings entertainment inc. announces completion of acquisition by an affiliate of joel weinshanker . marketwatch.com . prnewswire . july 15 2014 . retrieved september 8 2015 . erik gruenwedel november 3 2014 . moviestop acquired by hastings entertainment owner . home media magazine . retrieved september 8 2015 . hastings files for bankruptcy ; seeks buyer publishers weekly june 13 2016 truitt jason july 21 2016 . hastings stores closing including richmond s . pal item . usa today . archived from the original on october 13 2016 . hastings entertainment announces non cash accounting adjustment and fourth quarter charges . hastings entertainment inc. . further reading edit hastings entertainment inc. history . funding universe . hastings entertainment announces 10 million stock repurchase . newsblaze . external links edit hastings official website at gohastings.com retrieved from https en.wikipedia.org w index.php title hastings entertainment & oldid 744242350 categories companies established in 1968companies disestablished in 2016companies based in amarillo texascompanies listed on nasdaqmusic retailers of the united statesentertainment companies of the united statesbookstores of the united stateshidden categories wikipedia articles needing clarification from april 2016use dmy dates from february 2011 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 14 october 2016 at 00 58 . text is available under the creative commons attribution sharealike license ; 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