Bid Deadline: Thursday, September 15, 2016 at 5:00 PM ET
Hilco Streambank has been retained, subject to bankruptcy court approval, by Draw Another Circle, LLC d/b/a Hastings® Entertainment to market and sell its intellectual property assets. The Company is currently operating under Chapter 11 in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).
Hasting Entertainment was founded in 1968 as the retailing division of Western Merchandisers, Inc., a books and music wholesaler. Hastings Entertainment has since expanded its offerings through various acquisitions in the entertainment media space. The Company has established itself as a leading multimedia entertainment and lifestyle retailer whose offerings include movies, video games and consoles, software, consumer electronics, comic books, collectible trading cards, action figures, as well as related apparel and accessories.
In 2011, the Company opened Tradesmart®, a store specializing in used electronics, media, and other merchandise.
In April 2014, it added 44-stores under the MovieStop® nameplate, selling used movies and related products.
In 2015, the Company operated 168 stores across 29 states under the Hastings®, Tradesmart®, and MovieStop® banners, generating $401.1MM in revenue. The Company maintains a robust customer database of nearly 16 million loyalty customer data files, and about 1.1 million opt-in emails, as well as an active e-commerce platform generating around 70 million unique pageviews over the last year. As of July 2016 the Company had recorded revenue of approximately $140MM YTD. In June of this year, Hastings filed for bankruptcy protection and closed its MovieStop® stores.
- Hardback Coffee Café®
- MovieStop Buy Sell Trade®
Domain Names and Fully Developed Websites Including:
Customer Data & Passport Loyalty Program
- Over 1.1M active emails
- 15.8M Passport loyalty customer data files
DILIGENCE & SALE PROCESS
Hilco Streambank is currently soliciting interest in the Assets from qualified buyers.
Data Room: An online Data Room containing detailed diligence information has been constructed.
Access to the online Data Room will be provided to interested parties upon execution of a non-disclosure agreement.
Bid Submission: Bidding instructions will be provided by Hilco Streambank in advance of the bid deadline.
Bid Deadline: Thursday September 15, 2016 at 5:00 PM ET
For further information about the sale process and access to diligence materials please contact one of the following Hilco Streambank representatives.
If you are interested in more information about the IP assets related to SP Images Inc., please contact Michael Tucker (Michael.email@example.com) at FTI Consulting.