Texas-based Hastings Entertainment Inc. has filed for Chapter 11 bankruptcy protection.
Company officials say the reorganization filing includes its parent company, Draw Another Circle, and sister brands Movie Stop and SPImages.
A statement posted Monday on the Hastings website says the Chapter 11 process will help prepare the business for an intended sale, while providing protections and financing to continue operations. Further financial details weren't released.
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Hastings operates more than 120 superstores in the U.S., plus concept stores in Littleton, Colorado, and Albuquerque, New Mexico. The company has about 500 employees in Amarillo, where it's based.
Hastings will no longer accept or honor deposits for movie purchases and will no longer rent games. Hastings gift cards expire July 13, 2016. The company's buyback program has been suspended.