Hastings in Cape closing

Shoppers looking for books, games and music in Southeast Missouri soon will have one less option. Hastings, the entertainment retailer in the Town Plaza shopping center, is closing.

The store’s parent company, Draw Another Circle, filed for Chapter 11 bankruptcy in June. Officials indicated they had hoped to find a buyer to carry on the business, but according to a statement from Hastings Entertainment Inc., the company was purchased by a joint venture that will “oversee a liquidation of our stores to ensure we are maximizing the value of all of our remaining merchandise and assets as we prepare to close.”

According to the statement, the bankruptcy court is expected to approve the agreement between Hastings and buyers Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC today.

A look at the entrance of Hastings in the Town Plaza shopping center Thursday.GLENN LANDBERG ~ glandberg@semissourian.com

When the store liquidations are complete, all 123 Hastings locations, as well as its online retailer and corporate offices, will close.

Hastings opened its first store in 1968. The company has served Southeast Missouri in its Town Plaza location since 1995. A representative of the local store declined to comment when reached by a reporter.

When the Cape Girardeau Hastings eventually closes, it will leave behind a 22,000-square-foot space that will be available to lease.

Though some of the larger properties within the Town Plaza have been difficult to lease, Tom Kelsey predicts this will not be one of them.

Kelsey is the owner and commercial broker at Lorimont Place Ltd. and appointed leasing broker for Greater Missouri Builders, which owns the Town Plaza.

Since Draw Another Circle filed for bankruptcy, “we’ve been approached by about three national retailers about the possibility of that space,” Kelsey said.

Kelsey said the size of the store and the “neighborhood-friendly location” make the space appealing.

The expressed interest in the property is encouraging, Kelsey said, and a positive reflection on the Cape Girardeau business market.

A closing date for the Cape Girardeau Hastings store has yet to be determined.

bbrown@semissourian.com

(573) 388-3630

Pertinent address:

2136 William St., No. 165, Cape Girardeau, Mo.