Nope.
Not chapter 11 reorganization.
It's an all-out liquidation, like borders.
It needs to be finished by Oct 31st.
http://amarillo.com/news/latest-news...uidated-oct-31
Quote:
Bidding on the beleaguered company in a Delaware bankruptcy court ended Wednesday afternoon, and according to the agency agreement an “everything must go” sale, which ends Oct. 31 at the latest, will be the end of the Amarillo retail chain’s story.
Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC, two financial consultation and management companies, bought the company in a contractual joint venture.
The documents say that these companies, which will oversee the liquidation, will be authorized to advertise the move as a "store closing," "sale on everything," "going out of business" sale.
On a store-by-store basis, any Hasting store can close at any time, but only after giving employees a seven-day notice, and the sale of all merchandise must be complete by Oct. 31.
The money earned by selling off Hastings’ inventory will go to Bank of America and Pathlight Capital, both of which provided the company capital during the bankruptcy proceedings.
According to the Wall Street Journal, Hastings’ debts total roughly $139 million, but the courts have deemed the total value of the sale to be between $106 million and $114 million. The documents guarantee that the creditors will receive 75 percent of that amount.
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Reports from the region indicate they've been deemphasizing books for some time now.
They aren't all that special.
Bookstore closings are a routine event these days. Just google bookstore closing once a week for a roundup.
The business attracts a breed of "entrepreneur" that is more interested in mystique than profits.