Hastings Entertainment files for bankruptcy

Tom Hinde

Amarillo based Hastings Entertainment is facing an uncertain future. The company announced on Monday it has filed for Chapter 11 bankruptcy protection as it seeks potential buyers. The company has 30 stores in Texas and recently announced their Pampa store was closing September 10.

Owned by the Marmaduke family for more than 40 years, Hastings was sold about two years ago for $21.4 million to Delaware-based Draw Another Circle, LLC. Hasting is no longer honoring customer deposits for future movie purchases, and existing deposits can be applied toward additional store purchases. Stores are also no longer renting games, and gift cards will expire on July 13.