Hastings to Close All Stores by October 31
It's official: Amarillo-based retailer Hastings will be liquidated and all 126 of its stores will shutter by October 31, 2016.
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. Bloomberg L.P. had also expressed interest in purchasing Hastings prior to the July 20 auction.
According to the court documents filed Wednesday, the two companies can frame the liquidation as a "going out of business" sale. And by Halloween, Hastings will be a memory.
The catch is, each Hastings store can technically close whenever they choose. The Oct. 31 date is just the deadline. However, employees must be provided a seven-day notice before a store is closed.
Hastings filed for Chapter 11 bankruptcy June 13, 2016.
Hastings operates one location in Wichita Falls, two in Lubbock, two in Midland-Odessa, one in San Angelo, one in Abilene, and three in Amarillo.