Another One Bites the Dust. Open this Message to Find Out Which One.

[GtrsRGr8]

I see where Hastings, a brick-and-mortar and online seller of new and used physical book, and of ePub digital books online, is filing for bankruptcy. Find out the details concerning the bankruptcy here.

This is a chapter 11 bankruptcy. I know that there is such a thing as a chapter 9 bankruptcy, too. One of the two allows the company to keep operating while they try to get things straightened out; the other one is a death knell. I don't which is true of a chapter 11 bankruptcy. However, one Hastings webpage plainly states that they are "going out of business."

They are admittedly a small player among booksellers. "Tiny" might be a better description. Especially, it seems, with regard to their digital book business. However, I hate to see them go. For one reason, because I have bought a lot of used physical books from them in the past, at really good prices (when they were on sale). Too, because it is one more step in the consolidation of book businesses, reducing competition and eventually meaning higher prices for consumers.

[frahse]

Originally Posted by GtrsRGr8

I see where Hastings, a brick-and-mortar and online seller of new and used physical book, and of ePub digital books online, is filing for bankruptcy. Find out the details concerning the bankruptcy here.

This is a chapter 11 bankruptcy. I know that there is such a thing as a chapter 9 bankruptcy, too. One of the two allows the company to keep operating while they try to get things straightened out; the other one is a death knell. I don't which is true of a chapter 11 bankruptcy. However, one Hastings webpage plainly states that they are "going out of business."

They are admittedly a small player among booksellers. "Tiny" might be a better description. Especially, it seems, with regard to their digital book business. However, I hate to see them go. For one reason, because I have bought a lot of used physical books from them in the past, at really good prices (when they were on sale). Too, because it is one more step in the consolidation of book businesses, reducing competition and eventually meaning higher prices for consumers.

"Higher prices?" It seems that we are seeing lower prices.

[Cinisajoy]

Hastings also did movies, music and videos.

[Phogg]

Hastings stores were about the size of the Books-A-Million stores. They were good stores ten years ago, but the management of our local one changed maybe seven years ago. The bathrooms became always filthy and five years ago they outsourced the magazines and no longer carried a lot of titles that had been locally popular.

I have been checking the location here for a decent sale on inventory, but so far their sale prices are still way higher for boardgames than I would pay through Miniature Market or Cool Stuff Inc.

[fjtorres]

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

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.

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.

[Cinisajoy]

Ours has always been mostly movies.

[fjtorres]

Originally Posted by Cinisajoy

Ours has always been mostly movies.

That's what I heard.
Apparently they bought MovieStop right as Netflix was launching.
There's also this kind of testimonial:

http://www.thepassivevoice.com/2016/...comment-358947

Spokane had three Hastings stores when I lived there. The floor arrangement was a strange layout of movies and music in the center surrounded by a periphery of books with new and used shelved together and the shelving was something of a maze — you could get deead-ended in the video/ music area and have to backtrack out to reach the books in the back. Lots of tchtchkes like plastic backpacks. I bought some cute shoes with skulls and crossbones on them. A good-sized LDS fiction section shelved next to a large general Christian section right next to their New Age section which made for uncomfortable shopping for all the customers involved (yes I have been rebuked for my Satanic browsing in person.) Soda machines right by the front door. It was a strange mixture of a 7-11, Hot Topic, Blockbuster Video, and bookstore with an attached coffeeshop and no overall retail identity in terms of interior presentation. Book selection varied between the three outlets and seemed to be an afterthought compared to the music selection. No seating in the store; none of that bookstore intellectual lingering atmosphere setup. Books were often shelved out of order or in the wrong sections; drove me nuts I would be reshelving books as I browsed.

[GrannyGrump]

fjtorres said:

There's also this kind of testimonial:

http://www.thepassivevoice.com/2016/...comment-358947

Quote:

Spokane had three Hastings stores when I lived there. The floor arrangement was a strange layout of movies and music in the center surrounded by a periphery of books with new and used shelved together and the shelving was something of a maze ......

See, now that is the kind of store I LOVE! I like browsing around in a place that is like a treasure or scavenger hunt (as long as I don't meet any folks that are too scary to be around and about in daylight). Brightly lighted highly organized department stores with colorful directing signs and labels are boring, and I walk straight to the shelf, get the single item I want, and straight to the checkout stand; no wandering around for possible treasures.

There are a number of mom-and-pop stores like the Hastings store in that description in the area I live, and they are a joy to my soul. I guess there aren't too many like me still walking the earth, going by the high death rate of that kind of store.

A pox on homogenized shopping!

[fjtorres]

Originally Posted by GrannyGrump

fjtorres said:


See, now that is the kind of store I LOVE! I like browsing around in a place that is like a treasure or scavenger hunt...

(Snip)

I guess there aren't too many like me still walking the earth, going by the high death rate of that kind of store.

It is actually a common "Layout" in indie bookstores.
The randomness, that is.
Especially used bookstores and two-for-one paperback places.

One I used to go had packed bookcases: one for SF, two for romance, one for mystery, one (lightly stacked) shelf for litfic and two bookcases for the stuff they couldn't be bothered to sort.

Problem is, most shoppers go to stores with purpose. They want a specifc title or genre. Or to scope out new releases. Anything that gets in the way of that purpose sends them elsewhere.

Faced with a choice between a hit or miss "scavenger hunt" and a quick dash to pickup the latest release from a favorite author, most people prefer spending lifespan reading.

Besides, bookstores don't generate revenues by the time shoppers spend milling about: they generate revenues by the number of books they find to their liking.

As I said above, a lot of bookstore operators are more interested in mystique (or "community") than in profits.

[mbovenka]

Originally Posted by GrannyGrump

See, now that is the kind of store I LOVE! I like browsing around in a place that is like a treasure or scavenger hunt (as long as I don't meet any folks that are too scary to be around and about in daylight).

Same here. But not if I'm looking for a specific book; if I know what I want, I don't want to have to hunt for it. For buys like that, I mostly rely on Amazon (or, being in the Netherlands, BOL) nowadays. But second-hand bookstores like those are great just to rummage around in, never knowing what you'll find.

[Ken Maltby]

How do they sell all their e-books? They can't actually "empty the shelves" of them. Wouldn't they always be able to sell one more copy, of the file?

Luck;
Ken

[Bookworm_Girl]

I've never heard of this bookstore, and they appear to be located in 4 states that I have lived in too. It seems that they are located in smaller cities and not the largest urban areas. That's too bad for people in those areas which probably have limited choices.

[fjtorres]

Originally Posted by Bookworm_Girl

I've never heard of this bookstore, and they appear to be located in 4 states that I have lived in too. It seems that they are located in smaller cities and not the largest urban areas. That's too bad for people in those areas which probably have limited choices.

That was exactly their business model.
Like Wal-Mart, they targeted smaller urban centers that were beneath the notice of the mall chains (in the 60's, when they started) and the warehouses in the 90's.
Problem is, what worked in the 60's doesn't work today and their core territory is, ahem, prime Amazon country. And Amazon doesn't offer up limited choices.

[Cinisajoy]

Originally Posted by fjtorres

That was exactly their business model.
Like Wal-Mart, they targeted smaller urban centers that were beneath the notice of the mall chains (in the 60's, when they started) and the warehouses in the 90's.
Problem is, what worked in the 60's doesn't work today and their core territory is, ahem, prime Amazon country. And Amazon doesn't offer up limited choices.

It has been a couple of years back, but I called our local Hastings to complain about the craft books not being shelved properly. It looked like they had just been put wherever.
Turns out the district manager was at that store. I told him my complaint. He literally offered me the job of book manager.
He had come into town to fire the old one and get the books organized.

[GlenBarrington]

That's too bad! I always visited the local Hastings whenever I visited Poplar Bluffs, Missouri. Which I do with alarming regularity.

It was a much better BOOKSTORE 15-20 years ago, any more, the last few years, the books and magazines section shrank significantly in size and selection, and the videos, and promotional tie in junk took up the most space. Not unlike how Barnes & Noble is changing.

But in truth, there aren't enough READERs any more in the level of density in the rural and small town cities needed to support any sort of bookstore. And Amazon does a very good job in serving them.

But city dwellers, don't feel too smug, Readership is dropping in the cities as well. YOUR level of choice has been reduced for the same reasons, it's just taking longer for individuals to see the effects.