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Retailing | A federal judge has lifted a temporary restraining order blocking the $21.4 million sale of retail chain Hastings Entertainment to Joel Weinshanker, president and sole shareholder of Wizkids parent National Entertainment Collectibles Association. Two Hastings shareholders had sued to stop the sale, insisting the price paid for the retailer is too low; however, U.S. District Judge Mary Lou Robinson found, in part, that they failed to prove they would be irreparably harmed if the sale were completed before they could have their day in court (Texas law permits dissenting stockholders to seek monetary damages after a merger). Hastings, which operates 149 stores that sell books, comics, video games and more, has called a special shareholder meeting for July 15, during which the sale is expected to be approved. [Amarillo Globe-News, ICv2.com]
Retailing | A federal judge has issued a temporary restraining order halting the $21.4 million purchase of retail chain Hastings Entertainment by Joel Weinshanker, president and sole shareholder of Wizkids parent National Entertainment Collectibles Association. The order was granted at the request of two Hastings shareholders who sued to stop the sale, insisting the price paid for the retailer is too low; it will remain in effect until a hearing can be held on June 12. Hastings issued a statement Monday pledging to “vigorously dispute these claims.” Hastings operates a chain of 149 stores that sells books, comics, video games and more. [Amarillo Globe-News, via ICv2]
Retailing | Amazon may be charging full price for Hachette’s graphic novels as part of its continuing contract dispute with the publisher, but Barnes & Noble has leaped into the breach with big discounts and a buy-two-get-one-free promotion on Hachette’s Yen Press manga and Little, Brown’s Tintin books. [ICv2]
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]
Publishing | The drop in year-over-year sales in the direct market slowed in April, with periodicals slipping 1.75 percent and graphic novels just .84 percent. Overall sales were down 1.46 percent for April and 6.5 percent for the first four months of the year. Marvel topped Diamond’s comics chart with Fear Itself #1, while DC led the graphic novel category with the 15th volume of Fables. [ICv2.com]
Crime | Police evacuated the bus terminal in downtown Ann Arbor, Michigan, Friday afternoon after a suspicious package was discovered across the street. The Michigan State Police bomb squad was called in, and it was determined the mysterious package was merely a briefcase-shaped media kit promoting Acura’s involvement with Marvel’s Thor. A writer for Automobile, whose offices are next to the terminal, had discarded the “S.H.I.E.L.D. Assessment Test” kit in the recycling bin, but it wasn’t picked up — apparently because it isn’t recyclable. [WXYZ, Jalopnik]
Retailing | Responding to a shrinking retail market for music, the Texas-based entertainment-media chain Hastings will begin selling Diamond-distributed comic books in 127 of its 147 stores. Hastings operates stores in medium-sized markets in 20 states, selling new and used books, electronics, DVDs, video games — and, now, monthly comics.
As we noted in March, the company reported “strong results” from a tested comics expansion in two stores in 2009, and planned to expand further into another 20 existing locations by the second quarter of this year. Now, company executive James Parker tells Rich Johnston, the retailer is moving forward with two expansion models, with 27 locations sporting 32 feet of new releases, 32 feet of back issues, and 44 feet of manga and graphic novels. One hundred outlets will feature a small expansion, with 16 linear feet of each. As Johnston points out, it appears that Hastings is “about to become the largest buyer of monthly comics in America.” He has reactions from a handful of direct-market retailers. [Bleeding Cool]