After a delay caused by lawsuits questioning the adequacy of the purchase price, the shareholders of Hastings Entertainment have approved the sale of the retailer to companies owned by Joel Weinshanker, one of Hastings’ largest shareholders.
With the shareholder approval, Hastings became a subsidiary of Draw Another Circle, one of the companies controlled by Weinshanker. Hastings stockholders received $3.00 per share.
The completion of the sale also means that John Marmaduke, chairman, CEO and president of Hastings and whose family founded the company, has left the retailer. "It's an honor and a privilege to be able to be part of the next chapter of such an important American retailer as Hastings. We will continue to run the business with the same ethical standards and values that the Marmadukes founded and built the chain on," said Weinshanker. Alan Van Ongevalle is overseeing the day-to-day operations of Hastings as president and chief operating officer.
A court had held up the purchase after a lawsuit was filed challenging the price of the purchase. Last month, however, a judge said the acquisition could move forward.
