Hastings Entertainment’s parent company announced Monday it has filed for Chapter 11 bankruptcy and is seeking buyers for its Hastings and SPImages assets.
Hastings has 14 locations New Mexico, according to its website. That includes four in Albuquerque and one in Rio Rancho. It also has a Tradesmart store in the Duke City.
Its parent company, Draw Another Circle, announced the plan in a news release, noting that Hastings and SPimages “will operate in the ordinary course while they evaluate potential offers.”
The Valencia County News-Bulletin reported last week that Hastings in Los Lunas will close next month.
In addition, the Hastings location at Juan Tabo and Lomas in Albuquerque is being marketed for lease on a commercial real estate website, though the store is still open. A team from Allen Sigmon Real Estate Group that includes Jeff Martinez, Daniel Kearney and Austin Tidwell is currently marketing the 22,500-square-foot Hastings box.
Journal messages at Hastings corporate office have not been returned.
Hastings operates 123 of its entertainment superstores, according to the release.