By James Bell
Hays Post

Hastings, 3300 Vine, will close its doors by the end of October after the chain was bought by a joint venture that plans to liquidate the entire company’s assets.

“Five weeks ago, Hastings filed for Chapter 11 protection with the goal of expediting our search for a buyer that would help us complete our remerchandising strategy and position our business for long-term success,” according to a release from the company. “At the completion of the sale process yesterday, the winning buyer was a joint venture that will instead oversee a liquidation of our stores to ensure we are maximizing the value of all of our remaining merchandise and assets as we prepare to close.”

As a part of the sale agreement, the chain will be authorized to sell merchandise through a going out of business sale, with at least 75 percent of the proceeds going towards the company’s debt.

“All Hastings stores, our e-Commerce business, and our corporate office will all discontinue operations at the end of this process,” the company said.

Specifics for the Hays location are not yet available, but all stores must complete their sales by Oct. 31 and could close at any time.

As part of the agreement employees must be given seven days notice before a store closure.

While the agreement has yet to be approved by the Bankruptcy Court, the company expects the agreement to be accepted Friday.

The chain’s new owners – Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC – who bought the company in a joint venture, will oversee the closing sales, according to the company.

“We thank our customers and employees for their loyalty over the years, and we hope to see our customers at store closing sales,” the company said.