Hastings Entertainment

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For other uses, see Hastings (disambiguation).
Hastings Entertainment
Type Public
Traded as NASDAQ: HAST
Industry Entertainment retail
Founded Amarillo, Texas (1968)
Headquarters Amarillo, Texas, USA
Key people Sam Marmaduke (founder)
John Marmaduke (CEO and President)
Products Books, magazines, CDs, DVDs, software, video games, boutique, accessories, coffee
Revenue Increase$531,346,000 USD (2009)[1]
Net income Increase$6,933,000 USD (2009)[1]
Website http://www.gohastings.com/

Hastings Entertainment is a regional retail chain that sells books, music, movies, and video games. It is mainly located in several rural areas in the South Central United States, Rocky Mountain States, and in parts of the Great Plains and Midwestern states. Hastings Entertainment stores are also located in many college towns in the U.S. It also rents movies and video games and buys used books, music, movies and video games for resale.

The CEO and President of Hastings Entertainment is John Marmaduke, son of founder Sam Marmaduke.[2]

History

The company was founded in 1968 as a retailing division of Western Merchandisers, Inc., a books and music wholesaler. There are currently 149 stores in 21 states,[1] predominantly based in smaller communities and college areas. Hastings Entertainment is headquartered in Amarillo, Texas.

Hastings's sister company, Western Merchandisers, became a subsidiary of Wal-Mart Stores Inc. in 1990. In 1994, Wal-Mart sold Western Merchandisers to Anderson Media Corporation and now operates as Anderson Merchandisers.[3]

In 2010, Hastings opened up a sports equipment retailer called Sun Adventure Sport in Amarillo.[2]

In 2010, Hastings opened an account with Diamond Comic Distributors covering every store they operate, making Hastings the largest direct market comic book retailer in the United States and effectively America's first national comic book chain retailer. The comic sections of all stores were expanded in connection with the Diamond account.[4]

Controversies

On March 7, 2000, the company restated its earnings in the first three quarters of fiscal 1999.[5] On March 14, 2000, Hastings Entertainment Inc had a lawsuit about reporting profits of more than $12 million during the Class Period, while they used Hastings common stock to keep the fiction of its growth and profitability alive by raising almost $40 million in an initial public offering,[6] and paid $5.75 million for settlement.

References

  1. ↑ 1.0 1.1 1.2 Fiscal Year 2009 Annual Report. Retrieved 18 May 2007.
  2. ↑ 2.0 2.1 Hastings - About Us
  3. ↑ Bowser, David. "Local companies have broad reach". Amarillo Globe-News. 27 February 2005. Retrieved 18 May 2007.
  4. ↑ Johnston, Rich. "Hastings – The First National Comic Store Chain In US?" Bleeding Cool. June 21, 2010.
  5. ↑ "Hastings Entertainment Announces Non-Cash Accounting Adjustment and Fourth Quarter Charges". 
  6. ↑ "Hastings Entertainment, Inc.". 

External links

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