|
|
| |
| Hastings Information |
|
|
|
|
|
 |
|
 |
Sam H. Marmaduke
Founder
(1920-1993)
|
|
John Marmaduke
President
Chief Executive Officer
|
|
| Mission Statement
|
|
|
OUR MISSION - "To satisfy our customers' desires for
personal entertainment and information through total customer satisfaction"
|
| Back to
Top |
| History |
|
|
Hastings ("the Company") was founded in
1968 as a retailing division of Western Merchandisers, Inc. ("Western"), a book
and music wholesaler. Historically, the Company 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, the Company became an
independent entity with all shares of the Company being distributed to the former
shareholders of Western. Initially, the Company continued to rely on Western for certain
corporate and support services, which were provided pursuant to a service agreement. In
fiscal 1993, the Company determined that is was in its best interest to operate
independently of the service agreement. As a result, the Company began to develop and
expand a variety of corporate functions, including a proprietary, fully integrated
information system designed to enhance its purchasing, inventory, personnel scheduling,
distribution, planning and accounting functions. In fiscal 1994, Western was sold to
Anderson News Corporation but continued to provide the Company with corporate and support
services under its new name, Anderson Merchandisers, Inc ("Anderson"). In fiscal
1995, the Company began implementing its information system and opened a new corporate
headquarters and a 100,000 square foot distribution center, all in Amarillo, Texas. The
Company reduced its 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, the Company spent $12.8 million from fiscal 1993 to fiscal 1997.
The Company is committed to continually enhancing and improving its information systems
and other corporate functions. Hastings Entertainment is a publicly traded company on
NASDAQ under the symbol HAST.
|
| Back to
Top |
| Superstores |
|
|
In its early years, the Company focused on small markets
and offered primarily book and music product. In the 1980's, the Company's internal growth
was supplemented by the acquisition of existing stores, most of which were located in
malls. During the mid-1980's, the Company added videotape sales and rentals and
complementary product categories to its selection of books and music and developed a
larger superstore format to satisfy favorable consumer response to its multimedia
retailing concept and provide more extensive product selection. As a result, beginning in
the late 1980's, the Company began focusing on opening superstores and on expanding,
relocating, selling or closing its smaller mall-based stores. Today, the Company operates
141 superstores in 21 states.
|
| Back to
Top |
|
|
|
|
and 
