Hastings Entertainment guaranteed 75% of merchandise value in high bid

By Caroline Salls

Pittsburgh, July 21 – Hastings Entertainment, Inc. said a joint venture consisting of Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC was the winning bidder of an auction held Wednesday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

The joint venture’s agency agreement bid guarantees Hastings will receive 75% of the cost value of merchandise sold, based on a total cost value of at least $106 million.

The sale hearing is scheduled for July 22.

Amarillo, Texas-based Hastings Entertainment is a multimedia entertainment retailer. The company filed bankruptcy on June 13 under Chapter 11 case number 16-11452.

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