Going-Out-of-Business Sales to Begin at All Hastings Entertainment Stores

BOSTON, July 22, 2016 /PRNewswire/ -- Hilco Merchant Resources and Gordon Brothers Group announced today that they will begin going-out-of-business sales at all Hastings Entertainment ("Hastings") retail locations beginning Saturday, July 23rd.  The joint venture partners were the successful bidders at the bankruptcy auction that took place on July 20th.  Sales will offer discounts of up to 30 percent on the entire stock of books, videos, games and music.

Founded in 1968, Hastings is a leading multimedia entertainment retailer that combines the sale of new and used books, videos, video games and music. In June, the company initiated a comprehensive process to evaluate potential buyers of the business and, as part of that process, filed voluntary petitions under Chapter 11 of the U.S. bankruptcy code. Hastings operates 123 superstores, averaging approximately 24,000 square feet, primarily in medium-sized markets throughout the United States.

"At Hastings, our mission has always been to bring our customers a diverse array of entertainment products and collectibles to appeal to many interests," said Jim Litwak, President & COO, Hastings Entertainment, Inc. "Our hope was that the Chapter 11 process would help to prepare our business for the intended sale while also providing additional protections and financing to allow us to serve our customers as usual.  Unfortunately, this process was unsuccessful. We thank our loyal employees and customers and encourage all to take advantage of the incredible savings this sale will offer on the superior selection of multimedia and entertainment products you have come to expect from Hastings."

A representative of the joint venture said, "We anticipate these well-known new and used movie titles, games and books to sell very quickly at up to 30 percent off the original price. Customers are encouraged to shop early for the best selection of their favorite products."

Merchandise will no longer be available on www.gohastings.com. Sale discounts apply in-store only. Furniture, fixtures and equipment are also available for sale.  

Please reference store list below:

About Hilco Merchant Resources, LLC
Hilco Merchant Resources (www.hilcomerchantresources.com) provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer's strategic initiatives.  Hilco Merchant Resources' activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment.  Additionally, HMR now includes among its subsidiaries the nation's premier fixture and equipment liquidation firm, Hilco Fixture Finders (www.hilcofixturefinders.com), as well as the popular online retail and daily deal e-commerce company, Deal Genius, LLC (www.dealgenius.com).

Hilco Merchant Resources is part of Northbrook, Illinois based Hilco Global, one of the world's leading authorities on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace.  Hilco Global operates twenty specialized business units offering services that include asset appraisal, retail and industrial inventory acquisition and disposition, real estate repositioning and renegotiation, strategic advisory and operational consulting and strategic capital equity investments.  For more information please visit: (www.hilcoglobal.com).

About Gordon Brothers Group
Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial, and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, mitigating leases, appraising assets and operating businesses for extended periods.  Gordon Brothers Group conducts over $50 billion worth of transactions and appraisals annually.  As of November 2014, debt financing is provided by Gordon Brothers Finance Company (www.gbfinco.com).

SOURCE Gordon Brothers Group