Hastings has filed for chapter 11 bankruptcy and may have to close down over 100 stores. This one came as a big surprise to most people. First of all I was surprised that Hastings still had 100 stores since I've never been inside of one. Customers of Hastings were surprised and saddened that they won't have the cheap store from which to buy or rent used movies.

Hasting's parent company Draw Another Circle explained their decision in a press release

We are hopeful that we are on the right path but need an additional cash infusion to complete our remerchandising strategy,” said Jim Litwak, President and Chief Operating Officer of Hastings. “An asset sale to a well-capitalized purchaser would give us this financial stability and allow the buyer to pick and choose the assets it wants to acquire, while also disassociating us from the unique challenges facing our sister companies and creating new opportunities to generate long-term value for our creditors, associates, customers, suppliers and ultimately the communities we serve.

Hastings is currently looking at options that will allow them to keep stores open. Sign up for our newsletter to stay up to date on this story.