With the lifting of the Temporary Restraining Order (see "Court Rules in Hastings Lawsuit"), Hastings shareholders approved the company’s acquisition by Draw Another Circle, LLC at a special shareholder’s meeting this week. Draw Another Circle is a vehicle of Joel Weinshanker, who owns WizKids parent NECA. Hastings operates 126 superstores averaging 24,000 square feet, and an e-commerce website.
In a statement, Weinshanker gave a nod to the founding Marmaduke family, which has exited the company as a result of the acquisition (see "Hastings CEO, CFO Out"). "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," he said. "We will continue to run the business with the same ethical standards and values that the Marmadukes founded and built the chain on."
After Court Ruling
Posted by ICv2 on July 17, 2014 @ 12:56 am CT
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