Sale to an affiliate of Joel Weinshanker, owner of National Entertainment Collectibles Association, Inc.
Consumer - Specialty Retail
Hastings Entertainment, Inc. (NasdaqCM:HAST) was acquired by an affiliate of Joel Weinshanker, owner of National Entertainment Collectibles Association, Inc. ("NECA"), one of the largest providers of wholesale licensed movie merchandise in the United States. Founded in 1968, Hastings is a leading multimedia entertainment retailer that combines the sale of new and used books, videos, video games and CDs, trend products and consumer electronics merchandise, with the rental of videos and video games in a superstore format. The transaction reflects Mr. Weinshanker's commitment to multimedia entertainment retail and leverages NECA's position as a leading supplier of movie, book and video game merchandise and collectibles. Hastings' business is also poised to benefit from Mr. Weinshanker's affiliation with the estates of Marilyn Monroe, Elvis Presley and Muhammad Ali, as well as his company's management of Graceland.
"George K. Baum provided wise and timely counsel on our strategic options and helped us successfully navigate through a complex negotiation. Throughout the process, they removed obstacles to success and earned our respect."
John H. Marmaduke
Chairman and Chief Executive Officer Hastings Entertainment, Inc.