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November 30, 2015 10:38 AM ET

Specialty Retail

Company Overview of Hastings Entertainment Inc.

Company Overview

Hastings Entertainment, Inc. operates as a multimedia entertainment retailer. The company operates entertainment superstores that buy, sell, trade, and rent various home entertainment products comprising books, music, software, periodicals, movies on DVD and Blu-Ray, video games, video game consoles, hobby, sports and recreation, lifestyle, and consumer electronics. It also provides consumables and trends products, such as apparel, T-shirts, action figures, posters, greeting cards, and seasonal merchandise. As of March 31, 2014, the company operated 126 superstores principally in medium-sized markets located in 19 states, primarily in the Western and Midwestern United States. In addition, it...

3601 Plains Boulevard

Amarillo, TX 79102

United States

Founded in 1968

1,567 Employees





Key Executives for Hastings Entertainment Inc.

Chairman, Chief Executive Officer and Member of Executive Committee
Age: 67
President and Chief Operating Officer
Age: 47
Chief Financial Officer, Principal Accounting Officer and Vice President of Finance
Age: 68
Vice President, Vice President of Product and Divisional Merchandise Manager
Age: 52
Compensation as of Fiscal Year 2015.

Hastings Entertainment Inc. Key Developments

Hastings Entertainment Updates on Dismissal of Litigation in Connection with Agreement and Plan of Merger with Affiliate of Joel Weinshanker

Hastings Entertainment announced that the United States District Court for the Northern District of Texas, Amarillo Division, has entered an Agreed Stipulation and Agreed Order dismissing, with prejudice, the lawsuit captioned CV-00072-J-Andreas Oberegger and David A. Capps, directly and derivatively on behalf of Hastings Entertainment, Inc., v. Danny W. Gurr, Ann S. Lieff, Frank O. Marrs, John H. Marmaduke, Jeffrey G. Shrader, Draw Another Circle, LLC, Hendrix Acquisition Corp., Joel Weinshanker and National Entertainment Collectibles Association, Inc., as defendants, and Hastings Entertainment, Inc., as a nominal defendant. This lawsuit challenged the merger transaction involving Hastings and an affiliate of Joel Weinshanker pursuant to the Agreement and Plan of Merger entered into by Hastings, Draw Another Circle (Parent) and Hendrix Acquisition, each of which are owned, directly or indirectly, by Weinshanker. The plaintiffs in this lawsuit were purported shareholders of Hastings and alleged, among other things, that the merger contemplated in the Merger Agreement provided for insufficient consideration to be paid to Hastings' shareholders in exchange for their shares of Hastings' common stock, that the officers and directors of Hastings breached their respective fiduciary duties in the course of negotiating and approving the Merger Agreement and that the other defendants aided and abetted such breach of fiduciary duties. In accepting Plaintiff's desire to drop their lawsuit Hastings, along with the other defendants, agreed not to bring a claim against the plaintiffs for recovery of costs incurred. Neither Hastings nor any of the other defendants is subject to any obligations under the terms of the Dismissal, including any obligation to make any payments to the plaintiffs in this lawsuit or their legal counsel.

Hastings Entertainment Inc. Announces Amendment to its Bylaws

Hastings Entertainment Inc. announced pursuant to the Merger Agreement and as filed with the company's Certificate of Merger filed with the Secretary of State of the State of Texas, at the Effective Time, the Third Restated Certificate of Formation of Hastings was amended. Pursuant to the terms of the Merger Agreement, at the Effective Time, the bylaws of Merger Sub in effect immediately prior to the Effective Time became the bylaws of the surviving corporation.

Hastings Entertainment Inc.(NasdaqCM:HAST) dropped from NASDAQ Composite Index

Hastings Entertainment Inc. will be removed from the NASDAQ Composite Index.

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