Hastings to close

McALLEN — After more than 10 years, Hastings is leaving the Rio Grande Valley.

Hastings Entertainment Inc., the Amarillo-based chain and one-stop entertainment retailer, will shutter its McAllen store Feb. 11, more than 10 years after it opened its doors in 1999.

The reasons remain unclear. Employees at the store, located at 4500 N. 10th St., were tight-lipped Thursday. A company spokesman did not return several calls for comment. A sign on the store’s front door announced the closure.

Michael Cantu rifled through the store’s comic book collection Thursday, hoping to find a bargain. Hastings has discounted its inventory until it closes, including cutting prices of used books by more than 50 percent.

The 32-year-old Cantu said he felt bad for the employees, and he offered his own explanation as to why Hastings was shutting down:

“You have so many people downloading movies and music for free instead of paying for it like they should,” he said.

While the era of downloading has led to lower sales of music industry-wide, the fatal blow for the McAllen Hastings might have been the recession or maybe even the bookstore down the street: Barnes & Noble.

Like most retailers, Hastings has seen its sales fall during the recession, according to filings with the U.S. Securities and Exchange Commission.

“Video rentals and music have been tough categories. … It’s not been easy,” said Arvind Bhatia, an analyst with the brokerage firm Sterne Agee who follows the company. “I could not tell you what the reason is behind the closing of the store.”

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Sean Gaffney covers business, the economy and general assignments for The Monitor. He can be reached at (956) 683-4434.