WICHITA FALLS, TX (KAUZ) - Amarillo-based company Hastings Entertainment is closing all of it's locations. This comes after attempts of trying to find a way to position the business for long-term success.
Wichita Falls Chamber of Commerce President and CEO, Henry Florsheim said they are sad to see this retailer go.
"The interesting aspect to this story is that it didn't have anything to do with Wichita Falls and the market here. It was a company wide problem," Florsheim said.
Florsheim said some of the things the store carried, like movie rentals, are not competing well with streaming services like Netflix.
"Some of their business model was just obsolete and retailers have to figure out how (to) compete using today's technology and social media and the availability to buy stuff from anywhere," Florsheim said.
Many people were seen walking out of the entertainment store with bags of merchandise Sunday afternoon. Friday a joint venture between Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC was approved in Bankruptcy Court.
This joint venture will oversee the liquidation of the stores remaining merchandise as they prepare to close.
"There will certainly be employees that are affected. Hopefully, they'll be able to be absorbed into the rest of the retail market that we have," Florsheim said.
Several people expressed their grief over the closure of the Wichita Falls location on the Newschannel 6 facebook page.
While the hit to entertainment retail in the city affects options for consumers, Florsheim is hopeful for future retail in Wichita Falls.
"We're still optimistic about the way things are going because we're still seeing national chains saying there's something good going on in Wichita Falls and we want to set up shop there," he said.
Locations are expected to close by the end of October. The going out of business sale is offering up to 30% off the lowest ticketed price on merchandise. Refunds, credits on accounts and exchanges are no longer being offered.
Samantha Forester, Newschannel 6