Bankrupt hhgregg to close all its stores; liquidation begins Saturday
INDIANAPOLIS, IN (WTVQ) – Bankrupt hhgregg announced Friday it’s closing all of its stores, including its lone Lexington location in Hamburg, after failing to find a buyer by its self-imposed deadline.
The liquidation process will begin on Saturday, April 8, according to a company spokesperson.
hhgregg filed for Chapter 11 bankruptcy on March 6 and the company had an April 7 deadline to find a buyer, but was unable to close a deal.
“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 Chief Executive Officer for 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.”
The H.H. Gregg company was founded on April 15, 1955, in Indianapolis, Indiana by Henry Harold Gregg and his wife Fansy, according to the company’s website.
There are 220 stores nationwide.
hhgregg stores are located in: Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia and Wisconsin.
The company says it expects all of those stores to close by May.