SPRINGDALE — Hastings is closing its Springdale store Aug. 9, marking the entertainment chain’s departure from Northwest Arkansas.
The company closed its Fayetteville store earlier this month.
The closing of the store at 2400 W. Sunset Ave. will leave 35 full- and part-time employees without a job, according to a company news release. The Fayetteville store had a similar staffing number.
Messages left at Hastings Entertainment’s corporate office were not returned Wednesday.
At A Glance
Store Closing
Hastings is closing its Springdale store. All sales are final, and the store isn't purchasing any used merchandise. Gift cards can be redeemed online at gohastings.com.
Source: Hastings
The Springdale store is holding a going out of business sale. Gift cards also can be redeemed at gohastings.com.
Hastings has been closing stores because their profit has been less than required by management, according to the statement.
Bill Rogers, vice president of communications and special projects at the Springdale Chamber of Commerce, said he believes the closings have more to do with shifts in the entertainment industry than individual stores.
“When a corporation makes cuts, they have to pick somebody,” he said.
Hastings reported a $2.2 million loss in the quarter that ended April 30, according to a filing with the federal Securities and Exchange Commission. First quarter earnings in 2012 were $800,000.
“Our revenues continue to be negatively impacted by the popularity of digital delivery, rental kiosks and subscription-based services as well as the longevity of the current video game console life cycle,” John Marmaduke, Hastings’ chief executive officer and chairman, said in May following the first quarter earnings release.
Hastings is a multimedia entertainment retailer with 132 stores in 19 states. Stores buy, sell, trade and rent various home entertainment products, including books, music, software, periodicals, movies on DVD and Blu-Ray, video games, video game consoles, hobby, sports and recreation and consumer electronics. Stores also sell snacks and trends products such as apparel, action figures, posters, greeting cards and seasonal merchandise.
The retailer was founded in 1968 and is based in Amarillo, Texas.
Hastings (NASDAQ: HAST) closed Wednesday at $4.12, down 4 cents, or 0.96 percent, from Tuesday. Stocks traded between $1.24 and $5.45 during the past 52 weeks.