Hastings said the timeline of store closures is still to be determined.
As we previously reported, the company filed for Chapter 11 bankruptcy protection five weeks ago.
All Hastings Stores, e-Commerce business and corporate office plan to discontinue operations. According to the store’s website there are more than 150 retail locations including a location in St. Joseph.
The company said the Bankruptcy Court is expected to approve an agreement on Friday with the companies who will oversee store closing sales, Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC.
Gift cards to the store expired on July 13 and it previously discontinued game rentals and its buyback program.
In a statement Hastings said filing for Chapter 11 was with the goal of expediting its search for a buyer that would help complete its remerchandising strategy and position the business for long-term success.
“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,” the statement said. “We thank our customers and employees for their loyalty over the years, and we hope to see our customers at store closing sales.”