Hastings Files For Bankruptcy 



The message on the Hasting website reads: "All gift cards will only be honored through July 13, 2016." What was once a major retail threat to book stores, video chains and even Toys-R-Us officially announced this week that it had filed for Chapter 11 bankruptcy.

While officials at the Texas-based chain—which operates 126 stores in the U.S.—promised to keep the doors open, customers are being cautioned that the future of the chain depends on a potential buyer.

According to a statement issued by Hastings: "We are hopeful that a buyer interested in our long-term potential will come forward with an offer that unlocks the full, future value of our assets for the benefit of all of our stakeholders."

Hastings has five locations in the Treasure Valley: three in Boise, another in Meridian and a fourth in Nampa, with additional stores in the Magic Valley, eastern, central and northern Idaho.

In addition to no longer accepting or honoring gift cards beyond July 13, Hastings also announced it is no longer offering game rentals and is suspending its buyback program. 

Reports indicate Hastings lost nearly $11 million in 2014 and another $16.6 million in 2015. Additionally, the company's debt has reportedly amounted to $80 million in unsecured loans and $59 million in trade bills.
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