Hastings CEO Halts Stock Sale29 Oct, 2012 By: Erik Gruenwedel
The founder and CEO of Hastings Entertainment Oct. 29 announced he has suspended a pre-arranged stock trading plan that allowed him to sell 8,000 shares of the retailer’s shares per month.
In an Oct. 26 letter disclosed in a regulatory filing, John Marmaduke said he wished to terminate the April 13 agreement that permitted him to sell up to 192,000 shares of Hastings Entertainment.
Amarillo, Texas, based Hastings operates145 retail stores throughout the Southwest selling and renting packaged media, including DVD and Blu-ray Disc movies.
“Please make this termination effective Oct. 31. I understand the there will be no further sales under this plan, and that I will be required to enact a new plan when I wish to resume,” Marmaduke wrote without further explanation.
Hastings reported a second-quarter (ended July 31) loss of $3.4 million, narrowed 13% from a loss of $4.1 million during the previous-year period. The company’s shares closed Oct. 26 at $2.01 per share.