Hastings will close all its stores, including the one at West Park Promenade in Billings, and liquidate assets, a company spokeswoman said Thursday.
A joint venture, Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC, won an auction Wednesday and decided to liquidate instead of preserve the Texas-based retailer, Hastings spokeswoman Rachel Rosenblatt said.
Hastings had filed for Chapter 11 bankruptcy protection and had delayed the sale, hoping to find a buyer that would turn around the business, according to Rosenblatt.
Hastings reportedly owes about $80 million in secured debts and $59 million in trade bills.
The company has not determined a schedule for closing stores. The deal requires approval by the U.S. Bankruptcy Court of Delaware, which is expected to rule Friday, Rosenblatt said.
Up to closing, all 126 stores nationwide will hold closing sales with deep discounts. In Montana, Hastings also has stores in Great Falls, Missoula, Helena, Bozeman and Butte.
Hastings sells books, DVDs, music, collector’s items and other goods. The store is one of the only places in Billings that rents movies.
The company has struggled for years with the rise in streaming video, Redbox, e-books and other online commerce.