Hastings Entertainment

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Hastings Entertainment
TypePublic
Traded asNASDAQHAST
IndustryEntertainment retail
FoundedAmarillo, Texas (1968)
HeadquartersAmarillo, Texas, USA
Key peopleSam Marmaduke (founder)
John Marmaduke (CEO and President)
ProductsBooks, magazines, CDs, DVDs, software, video games, boutique, accessories, coffee
RevenueIncrease$531,346,000 USD (2009)[1]
Net incomeIncrease$6,933,000 USD (2009)[1]
Websitehttp://www.gohastings.com/
 
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Hastings Entertainment
TypePublic
Traded asNASDAQHAST
IndustryEntertainment retail
FoundedAmarillo, Texas (1968)
HeadquartersAmarillo, Texas, USA
Key peopleSam Marmaduke (founder)
John Marmaduke (CEO and President)
ProductsBooks, magazines, CDs, DVDs, software, video games, boutique, accessories, coffee
RevenueIncrease$531,346,000 USD (2009)[1]
Net incomeIncrease$6,933,000 USD (2009)[1]
Websitehttp://www.gohastings.com/

Hastings Entertainment is a regional retail chain that sells books, music, movies, and video games. 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[edit source | edit]

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. 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]

Controversies[edit source | edit]

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,[4] and paid $5.75 million for settlement.

References[edit source | edit]

  1. ^ a b c Fiscal Year 2009 Annual Report. Retrieved 18 May 2007.
  2. ^ a b Hastings - About Us
  3. ^ Bowser, David. "Local companies have broad reach". Amarillo Globe-News. 27 February 2005. Retrieved 18 May 2007.
  4. ^ "Hastings Entertainment, Inc.". 

External links[edit source | edit]