Retailing | Hastings Entertainment, which operates a chain of 149 stores that sells books, comics, video games and more, has announced a $21.4 million agreement to merge with two companies owned by Joel Weinshanker, president and sole shareholder of Wizkids parent National Entertainment Collectibles Association; Weinshanker already holds 12 percent of Hastings’ outstanding shares.
“NECA is a significant supplier of movie, book and video game merchandise and collectibles to the Hastings superstores, and we’ve had a close and growing business relationship with Mr. Weinshanker over the last decade,” John H. Marmaduke, Hastings’ chairman and CEO, said in a statement. “Mr. Weinshanker, through his affiliation with the estates of Marilyn Monroe, Elvis Presley and Muhammad Ali, and his company’s management of Graceland, is one of the leading drivers of the lifestyle industry, and we believe Hastings’ business will continue to benefit from our relationship with him and NECA.” Marmaduke will retire with a $1.5 million cash payout once the merger is approved. The announcement was followed by press releases from two New York City law firms that say they’re investigating the plan on behalf of Hastings shareholders. [press release]