2d6
A Natural 12
from Hasting site
Hastings was founded in 1968 as a retailing division of Western Merchandisers, Inc. ("Western"), a book and music wholesaler. Historically, we received corporate and support services from Western, including purchasing, distribution, information systems, accounting, payroll and advertising. In fiscal 1991, Western was acquired by Wal-Mart Stores Inc. ("Wal-Mart"), and in connection with that transaction, we became an independent entity with all shares of the Company being distributed to the former shareholders of Western. Initially, Hastings continued to rely on Western for certain corporate and support services, which were provided pursuant to a service agreement. In fiscal 1993, we determined that is was in our best interest to operate independently of the service agreement. As a result, we began to develop and expand a variety of corporate functions, including a proprietary, fully integrated information system designed to enhance our purchasing, inventory, personnel scheduling, distribution, planning and accounting functions. In fiscal 1994, Western was sold to Anderson News Corporation but continued to provide Hastings with corporate and support services under their new name, Anderson Merchandisers, Inc ("Anderson"). In fiscal 1995, we began implementing our information system and opened a new corporate headquarters and a 100,000 square foot distribution center, all in Amarillo, Texas. We reduced our use of Anderson's support services during fiscal 1995, and utilized no further services from Anderson after the service agreement expired effective January 31, 1996. As a result of developing and implementing its proprietary information system and corporate infrastructure, we committed $12.8 million from fiscal 1993 to fiscal 1997. Today Hastings is a leading multimedia entertainment retailer combining the sale of books, music, software, periodicals, new and used DVDs, videos and video games with the rental of videos, DVDs and video games in a superstore format. We currently operate 140 superstores averaging approximately 22,000 square feet, primarily in small to medium-sized markets in 21 states.
Hastings Entertainment is a publicly traded company on NASDAQ under the symbol HAST