"Hastings has been working diligently to overcome our business challenges and we have made significant progress with a remerchandising strategy and other initiatives aimed at increasing profitability. To continue our transformation, we have initiated a comprehensive process to identify a buyer or investor that will give us the additional financial stability we need to move forward. While we are hopeful a sale agreement will be reached, we also have a responsibility to prepare for all contingencies. As a result, we were obligated to formally notify our associates that, if a sale agreement cannot be achieved in a timely manner, we may need to begin downsizing our corporate office and/or closing the entire Hastings chain due to our continuing financial challenges. Our management team believes there are a number of parties that would be interested in acquiring our brand, and we are doing everything possible to create a strong future for our business and for this great team." (2:58 p.m., Friday June 10).