Hastings in Fayetteville Set to Close After 24 Years

Hastings Entertainment Inc., a multimedia entertainment retailer based in Amarillo, Texas, will close its Hastings location in Fayetteville later this year.

A company news release issued Friday said the store at 2999 N. College Ave. will close June 9.

The reason, according to the release, is poor profitability, which was termed “less than that required by management.”

The closure will result in job losses for about 35 employees, as well as the departure of a major tenant from the Fiesta Square Shopping Center.

Hastings occupies about 37,680 SF at the Fayetteville location. The store opened in 1989 at a smaller space at Fiesta Square before moving to its current space 10 years ago.

Fiesta Square — owned by Sam Mathias through his Mathias Shopping Centers Inc. entity — measures about 210,000 SF, which doesn’t include Harps Food Store.

HEI, a publicly traded company started in 1968, operates 135 retail stores in 19 states, including one location in Springdale.

Its most current financial data shows revenues of $462.50 million in fiscal year 2011, a 13 percent decline from revenues of $531.35 million in fiscal year 2009.

The Fayetteville store will begin selling its inventory at reduced prices until the closing date.

Brad Massie, a spokesman for Hastings, said the company also is closing a store in June in Paris, Texas.