Major Employer Expands - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Major Employer Expands

AMARILLO, TEXAS - A major area employer has a new plan for expansion after cutting back earlier this year. It's been a rough year for the Hastings video rental stores. In the Fall, they reported their worst quarterly earnings ever and had to lay off some workers. But now they have a new idea to turn things around.

You won't find a single movie for rent on a walk through Hastings' new sun adventure sports store. Instead they sell mostly items related to bicycles.

"In doing research, we discovered that there's a whole world out there with bicyclists," CFO Dan Crow said.

In fact, nationwide, it's a $6 billion growing market. Compare that to Hastings traditional movie business which isn't doing so well right now according to experts.

"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 store had a soft opening about a month ago. So far, they've been exceeding all profit goals. If it continues to be successful, Hastings hopes to expand the new chain- potentially adding hundreds of new positions.

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