Top Seller goHastings Files for Bankruptcy

One of the top sellers on Amazon, goHastings has reportedly filed for bankruptcy earlier this year and is now gone from Amazon. A seller of new and used books, music, movies and video games filed for Chapter 11 bankruptcy in June 2016.

goHastings

goHastings is part of a bigger organization Hastings Entertainment Inc. which also included Hastings retail chain consisting of 126 stores.

The sale of all merchandise and closing of all stores must have been completed by October 31st, and thus today goHastings is no longer in operation.

Hastings was founded in Amarillo, Texas in 1968. More than 30 percent of the company’s employees work in Texas.

The company released a statement citing the reason for bankruptcy:

Hastings has been working diligently to overcome challenges to our business, including the increasing number of competitors as well as declining demand for physical media properties such as music, movies, books, games and rentals, which once drove the majority of our sales. We have made significant progress with our remerchandising strategy and with other initiatives aimed at increasing profitability; however, these challenges combined with the financial strain caused by the Movie Stop and SPImages acquisitions, weakened our balance sheet to a point where we do not have the necessary cash on hand to continue operating our businesses or refresh all of our stores on a timely basis without new sources of financing. A sale process, facilitated by Chapter 11, will help us determine how we can best maximize the value of our assets for the benefit of our stakeholders.

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Juozas "Joe" Kaziukėnas

Founder of Marketplace Pulse, Joe wears multiple hats in the management of Marketplace Pulse, including writing most of the articles. Based in New York City. Advisor to other startups and entrepreneurs. Occasional speaker at conferences.

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