The retail chain offers new and used books, music, movies and video games in a variety of formats.
The company has five store in the Treasure Valley, including three in Boise, one in Meridian and one in Nampa.
Last month, the company announced it had filed for bankruptcy protection and was ready to sell the business.
Court documents that were filed this week reveal that Hasting Entertainment will be liquidated.
Here is a statement Hastings released to the media:
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. 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. All Hastings stores, our e-Commerce business and our corporate office will all discontinue operations at the end of this process. On Friday, July 22, the Bankruptcy Court is expected to approve our agreement with the companies who will oversee our store closing sales, Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC.
We thank our customers and employees for their loyalty over the years, and we hope to see our customers at store closing sales.
Hasting stores can now close any day, but only after employees are given a seven-day notice.
Hastings was founded in Amarillo, Texas in 1968.