The beat goes on.. Improving economy huh?
February 15, 2012
From staff reports
JOPLIN, Mo. — The Hastings Entertainment store in Joplin will close March 21, the company announced Wednesday. Thirty-five full-time and part-time jobs will be lost.
It is the latest in a string of closings announced by Hastings, based in Amarillo, Texas. The Joplin store is at 526 S. Range Line Road in the NorthPoint Shopping Center.
“The Joplin, Missouri store is closing due to store operating profit being less than required by management,” the company said in an unsigned statement.
Employees at the Joplin store referred calls to Dan Crow, vice president and chief executive officer, who was unavailable for comment on Wednesday. There was no word on the fate of the Pittsburg, Kan., store.
Hastings has closed ast least six other stores within the last year, including those in Greeley, Colo.; Topeka, Kan.; Cordova, Tenn., and Albuquerque, N.M.
The Texas company has been losing money, according to its latest quarterly report, which was released in November.
Net losses hit $5.5 million, or 65 cents per share, for the three months ended Oct. 31, 2011, compared to a net loss of $3.1 million, or 35 cents per share, for the same quarter one year earlier. Net losses came to $9.2 million, or $1.07 per share, for the nine months ended Oct. 31, 2011, compared to net loss of $2.1 million, or 23 cents pher share for the comparable period in 2010.
“Our third quarter results reflect a continuation of comparable weak slates for books, movies and video games,” John Marmaduke, chief executive officer and chairman, said in a statement when the financial results were released. “Furthermore, we continue to be impacted by the shift toward the digital delivery of books, along with the increasing growth of rental kiosks and subscription-based services in movie rentals. Additionally, the current economic environment continues to impact consumer discretionary spending, thereby reducing average purchases, as customers are choosing lower-priced products.”
Hastings opened what it is calling its “newest concept store,” TRADESMART, on Aug. 1, 2011, in Littleton, Colo., featuring 400,000 predominantly used and new books, CDs, DVDs, Blu-rays, video games and game systems, along with consumer electronics and more. TRADESMART allows customers to sell back for cash or store credit entertainment products they have already used.