Standard-Times file

Robert Ramirez flips through vinyl records at Hastings Entertainment in 2013. It appears it will close no later than Oct. 31.

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By Federico Martinez, Federico.Martinez@gosanangelo.com / @Federico_SAST

UPDATE, 7:35 p.m.:

It appears that San Angelo’s Hastings Entertainment – along with all of the other locations across the U.S. – will close.

According to a report from the Amarillo Globe-News, Hilco Merchant Resources and Gordon Brothers Retail Partners won an auction for Hastings’ assets.

The Globe-News, citing documents filed in Delaware bankruptcy court, said the auction winners will liquidate the company’s assets in “store closing” sales by Oct. 31.

Employees would receive seven days’ notice if their employment will end before the stores close, the Globe-News reported.

ORIGINAL STORY:

On the surface it appeared to be business as usual for employees at San Angelo's Hastings Entertainment on Wednesday, as they stocked shelves with new products and rolled out sale promotions.

But between greetings and helping customers check out, employees openly discussed Wednesday's deadline for the retail giant to find a buyer or decide to close most, if not all, of its more than 120 stores.

"We haven't heard anything," said one employee who declined to give her name because she is not authorized to comment. "If they decide to close this store it probably won't happen for awhile. There would probably be closing out of business sales. We're looking at October or November."

Officials at Hastings' Armarillo headquarters would not comment Wednesday, instead referring all media inquiries to FTI Consulting, based in Washington, D.C. FTI spokeswoman Rachel Rosenblatt did not respond to requests for comment.

The retail entertainment company in June announced it had filed for bankruptcy and might close all of its stores, including its San Angelo location, if the company didn't find a buyer by July 11. The company received a 7-day extension to receive bids, with the understanding that if no buyer emerged by July 18, Hastings and its inventory, with an estimated worth of $131 million, would be auctioned off Wednesday.

Hastings employees in San Angelo on Saturday said that all employees had been informed the corporation had received two bids, but they were not told any details.

Since the bankruptcy filing, two Texas Hastings stores — one in Pampa, the other in Canyon — have announced they are being closed because of poor sales. The Pampa store will close in September and the Canyon site has announced their doors will shut for good Nov. 2.

All Hastings stores have suspended video and game rentals and buyback programs.

Hastings is San Angelo's sole remaining video rental store, mass market bookstore and music store. It moved to its Sunset Drive location in fall 2008, leaving a larger space in Southwest Plaza at 3504 Knickerbocker Road.