8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.2 0549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 20, 2007

HASTINGS ENTERTAINMENT, INC.

(Exact name of registrant as specified in its charter)

TEXAS

(State or other jurisdiction of incorporation or organization)

000-24381	75-1386375
(Commission File Number)	(I.R.S. Employer Identification Number)

3601 Plains Blvd, Amarillo, Texas	79102
(Address of principal executive offices)	(Zip Code)

(806) 351-2300

(Registrant’s telephone number, including area code)

NONE

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

HASTINGS ENTERTAINMENT, INC.

Section 8 — Other Events

Item 8.01.     Other Events

In a press release dated November 20, 2007, Hastings Entertainment, Inc. (the “Company”) announced that its Board of Directors has authorized the repurchase of up to $7.5 million of the Company’s outstanding common stock. This program is in addition to the Company’s previously announced stock repurchase programs, which totaled $15 million. The repurchases will be made in the open market at prevailing market prices or in privately negotiated transactions in accordance with all applicable securities laws and regulations. Such repurchases may occur from time to time and may be discontinued at any time. A copy of this press release is filed herewith as Exhibit 99.1 and incorporated herein by this reference.

Section 9 — Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

99.1 Press Release dated November 20, 2007.

HASTINGS ENTERTAINMENT, INC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 20, 2007	Hastings Entertainment, Inc. (Registrant)
	By:	/s/ Dan Crow
		Dan Crow
		Vice President, Chief Financial Officer (Principal Financial and Accounting Officer)

HASTINGS ENTERTAINMENT, INC.

INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press Release dated November 20, 2007

EX-99.1

NEWS RELEASE

Hastings
Entertainment, Inc. CONTACT: Dan Crow
Vice President and
Chief Financial Officer
(806) 351-2300, ext. 6000 www.gohastings.com PR06-148

Hastings Entertainment, Inc. Announces Stock Repurchase of up to $7.5 Million

AMARILLO, Texas, November 20, 2007—Hastings Entertainment, Inc. (NASDAQ: HAST), a leading multimedia entertainment retailer, today announced that its Board of Directors has authorized a stock repurchase program in the amount of $7.5 million. This program is in addition to the Company’s previously announced stock repurchase programs, which totaled $15 million. As of October 31, 2007, approximately $0.1 million remained available under the previously approved stock repurchase programs. At current market price, the $7.5 million program would allow the Company to repurchase approximately 8% of the Company’s outstanding common shares. Under the program, the Company may repurchase stock in the open market from time to time at current market prices at the time of purchase or in privately negotiated transactions.

“We believe that our stock price does not reflect our long-term value and are using the program to provide our shareholders additional opportunities to realize investment returns,” said Chairman and Chief Executive Officer, John H. Marmaduke.

About Hastings

Founded in 1968, Hastings Entertainment, Inc. is a leading multimedia entertainment retailer that combines the sale of new and used CDs, books, videos and video games, as well as trends merchandise, with the rental of videos and video games in a superstore format. We currently operate 152 superstores, averaging approximately 20,000 square feet, primarily in medium-sized markets throughout the United States.

We also operate www.gohastings.com, an e-commerce Internet Web site that makes available to our customers new and used entertainment products and unique, contemporary gifts and toys. The site features exceptional product and pricing offers. The Investor Relations section of our web site contains press releases, a link to request financial and other literature and access to filings with the Securities and Exchange Commission.