Company announces Chapter 11 filing, looking for buyers

Although not a firm fixture and long-tenured business enterprise across the entire country, Hasting Entertainment Inc. is certainly a well-known commodity in many states, including in New Mexico, where its retail stores selling music, movies, video games and additional merchandise operate in many locales.

Reportedly, Hastings and its parent company, Draw Another Circle, are currently experiencing material business challenges, with it being recently announced that the latter is filing for Chapter 11 bankruptcy protection. Hastings operates 123 stores nationwide. New buyers are being sought for all those locations, which include four so-called “superstores” in Albuquerque and an additional 10 venues elsewhere across the state.

A formal statement from Draw Another Circle notes that Hastings and another group-owned company also seeking protection “will operate in the ordinary course while they evaluate potential offers.”

As noted by the United States Courts website, Chapter 11 bankruptcy generally pertains to the reorganization of a business, although individuals, too, occasionally seek protection under this form of bankruptcy relief.

In Albuquerque and throughout New Mexico, the law firm of Giddens & Gatton Law,amp; Jacobus has bankruptcy attorneys who offer expert handling of Chapter 7, Chapter 11, Chapter 12 and Chapter 13 bankruptcy cases and can specifically provide advice as to bankruptcy and its alternatives.

We represent many debtors and creditors in Albuquerque, Santa Fe, Taos, Raton, Farmington, Gallup, Grants, Roswell, Los Lunas, Placitas, Belen and the rest of New Mexico. Contact Giddens & Gatton Law,amp; P.C., at 505-273-3720 to set up an appointment or visit the firm’s website at Giddens & Gatton Law,amp; P.C., is located at 10400 Academy Road N.E., Suite 350 in Albuquerque, New Mexico.