Hastings Entertainment
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Discover Your Entertainment
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| Private | |
| Industry | Entertainment retail |
| Founded | Amarillo, Texas (1968) |
| Headquarters | Amarillo, Texas, USA |
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Key people
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Alan Van Ongevalle (president and COO) |
| Products | Books, magazines, CDs, DVDs, software, video games, boutique, accessories, coffee |
| Revenue |  $531,346,000 USD (2009)[1] |
| $6,933,000 USD (2009)[1] |
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| Website | http://www.gohastings.com/ |
Hastings Entertainment is a US retail chain that sells books, music, movies, and video games. As of 2015 it has 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. It also rents movies and video games and buys used books, music, movies and video games for resale. The company is headquartered in Amarillo, Texas.
History
The company was founded in 1968 as a retailing division of Western Merchandisers, Inc., a books and music wholesaler. Western Merchandisers, became a subsidiary of Wal-Mart Stores Inc. in 1990. In 1994, Wal-Mart sold Western Merchandisers to Anderson Media Corporation and now operates as Anderson Merchandisers.[3]
In 2010, Hastings opened up a sports equipment retailer called Sun Adventure Sport in Amarillo, later adding a store in Lubbock, Texas.[4] In August 2011, Hastings opened Tradesmart, a store in Littleton, Colorado, specializing in used media, electronics and other trend merchandise.[4]
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 remade its stores to emphasize toys, gifts, action figures and licensed and branded products, which have higher profit margins, as sales of video, music and books declined.[6]
In 2012, after years of losses and more losses projected in the future, company 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 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 purchased MovieStop, a 44-store chain selling used movies and related merchandise.[8]
Controversies
On March 7, 2000, the company restated its earnings in the first three quarters of fiscal 1999.[9] On March 14, 2000, Hastings Entertainment Inc had a lawsuit about reporting profits of more than $12 million during the Class Period, while they used Hastings common stock to keep the fiction of its growth and profitability alive by raising almost $40 million in an initial public offering,[10] and paid $5.75 million for settlement.
References
- ↑ 1.0 1.1 Fiscal Year 2009 Annual Report. Retrieved 18 May 2007. Cite error: Invalid
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- ↑ Bowser, David. "Local companies have broad reach". Amarillo Globe-News. 27 February 2005. Retrieved 18 May 2007.
- ↑ 4.0 4.1 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Johnston, Rich. "Hastings – The First National Comic Store Chain In US?" Bleeding Cool. June 21, 2010.
- ↑ 6.0 6.1 6.2 Lua error in package.lua at line 80: module 'strict' not found.
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