Original post here. Sourced on tumblr to elcilantroo via reginaldjuice. This appears to be a crop of promotional art for a 1984 horror movie The Initiation. A post at the site Too Scary To Watch provides a thumbnail of the complete art:

As well as a brief plot summary: “Tormented by recurring nightmares, sorority pledge Kelly must come to terms with her visions to get through an initiation that requires her to spend the night in an empty department store. But an escaped psychopathic killer is targeting the pledges.”