Is Recession Hitting Us? - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Is Recession Hitting Us?

AMARILLO - A major local employer claims the recession is finally hitting them -- hard.

Hastings Hntertainment reported its worst quarterly earnings ever. From May through July of this year, profits where down eight-and-a-half million dollars over the same time last year. -- or about six point seven percent.

Hastings declined an interview -- but in their earnings report the CEO explains the drop this way:

"The recession continued to negatively impact consumer spending through the second quarter."

But many consumers and experts don't think it's the recession as much as hastings's business model.

"We just aren't renting movies in a tangible form like we once were. everything is about digitizing easy downloads and portability," WT professor Nick Gerlich said.

The same goes for the other two main parts of the store's business: music and even books.

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