HHGregg announces company wide shutdown after failing to find buyer
INDIANAPOLIS, Ind. – HHGregg has informed their employees they are closing all stores nationwide.
The company has reportedly stated they began a liquidation process last week that will put the retailer out of business in about eight weeks.
This comes after they announced on March 2 that it was closing 88 stores across the country.
The retailer has negotiated an agreement with liquidation firms Great American Group LLC and Tiger Capital Group LLC.
Under the agreement, liquidators will sell items at the remaining 132 stores and 14 distribution centers.
“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. We have, however, received and accepted a bid for liquidation of our assets. This process will begin Saturday, April 8, 2017,” said Bob Riesbeck, President and Chief Executive Officer for HHGregg.
The company was de-listed from the New York Stock Exchange after failing to meet the minimum listing requirements earlier this year.
We will keep you updated on upcoming liquidation sales.