Hastings announced it would be axing its buyback program, as well as other major changes to store operations, in a statement on its website this week following news that it would voluntarily file for Chapter 11 bankruptcy.

According to the Amarillo-based retailer, the following changes have been made to all of its locations:

  • Customer deposits for future movie purchases will not be accepted or honored, and existing deposits can be applied to purchase other items in the store.
  • Video game rentals are no longer being offered.
  • Gift cards will expire on July 13, 2016.
  • The buyback program is suspended.

The company's popular Passport program will not be affected, said Hastings President and COO Jim Litwak.

"Please be assured that Hastings stores and e-commerce business remain open and continue to bring you the superior selection of multimedia and entertainment products you have come to expect from us," said Litwak. "In addition, our Passport program is continuing with all your accumulated benefits intact, and we continue to launch exciting new promotions on an ongoing basis."

Hastings is currently looking for a buyer for its retail operation, which includes 126 stores located across the U.S.

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