MovieStop Shuttering6 Jun, 2016 By: Erik Gruenwedel
MovieStop, the Atlanta-based buy-sell-trade packaged-media/entertainment trend retail chain, is going out of business. Store personnel at the MovieStop in Buford, Ga. confirmed the closure, saying they expect stores to close by mid July. A MovieStop representative was not immediately available for comment.
The privately held chain of 40 stores in 10 states was acquired in 2014 by Draw Another Circle LLC, owner of Amarillo, Texas-based retail chain Hastings Entertainment.
“They’re basically closing MovieStop to keep Hastings going,” said a Buford employee.
The chain has begun clearance sales with up to 50% off on DVD and Blu-ray Disc movies and TV shows, in addition to trend items such as action figures, posters and related collectables.
The sales are being being coordinated by Boston-based liquidator Gordon Brothers Group.
“We anticipate these well-known new and used movie titles to sell very quickly,” a Gordon rep said in a statement.
Draw Another Circle, which is owned by Joel Weinshanker, bought Hastings in 2014 for $21.4 million. Weinshanker also operates Elvis Presley’s Memphis, Tenn.-based home “Graceland,” which reportedly attracts 500,000 visitors annually.