Comics “going-out-of-business” sales are on the horizon as Hastings Entertainment, Inc. could face closings and layoffs if their sale agreement isn’t up to par in a reasonable time frame. Store chains will be closing and layoffs will ensue if they can’t get back on track, according to News Channel 10. The financial situation is grim and money is lacking.
A statement distributed by the President and COO of Hastings Entertainment indicated that it may be possible that layoffs may occur within 60 days.
Bleeding Cool reported that Hastings’ method of ordering through Diamond Comic Distributors had lead to a sizable back log of back issue comics. Some books in the bins date as far back as the 90s. They deemed this stock as “unsalable.”
Comics, music, and video games were the products of focus for this chain store and has been deemed the largest comic book chain in America. Hastings was founded in 1968 and announced plans on June 6 to close the Pampas, Texas location. It’ll be partaking in an out-of-business sale through September.
Bloomberg indicated that digital media seems to be overtaking print and record-able media in this situation as Amazon.com, Inc. and Spotify, Ltd. put Blockbuster, Tower Records, and Borders Group out business.