Indianapolis-based hhgregg is filing for Chapter 11 bankruptcy protection after a rough financial year.
Chief Executive Officer Robert Riesbeck says “an anonymous party” has agreed to purchase its assets and the company will emerge from bankruptcy in 60 days, according to Inside Indiana Business.
The company says its 132 stores will continue to operate normally while the restructuring process takes place. The electronics and appliances retailer did announce that it plans on closing 88 stores and three distribution centers, affecting 1,500 employees. However, none of those closings are taking place in Indiana.
The company was delisted on the New York Stock Exchange last month due to poor financial performance. The company posted a third quarter loss of $58.3 million, which was double the figure of a year prior.