Consumer electronics retailer to close all stores

The going-out-of-business sales have started at Hhgregg.



The bankrupt retailer began liquidating its assets on Saturday, April 8, after failing to find a buyer. The chain said it expects to close all of its 220 stores by the end of May.



“Since filing for financial protection under Chapter 11 of the Bankruptcy code on March 6, 2017, we have continued to fight for the future of our company,” said Bob Riesbeck, president and CEO, Hhgregg. “While we had discussions with more than 50 private equity firms, strategic buyers, and other investors, unfortunately, we were unsuccessful in our plan to secure a viable buyer of the business on a going-concern basis within the expedited timeline set by our creditors.”



Based in Indianapolis, Hhgregg was founded in 1955 by Henry Harold Gregg. It has reported losses for the past two years, challenged by online competition and discounters.



The retailer said it entered into a consulting agreement with a contractual joint venture comprised of Tiger Capital Group, LLC and Great American Group to conduct a sale of the merchandise and furniture, fixtures and equipment located at Hhgreggg’s stores and distribution centers.