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.
2 comments
HHgregg needs to change how they sell to be successful. Nobody likes being confronted by high pressure salesmen as soon as they put a foot in the door. I went there twice and never bought anything because of the super aggressive sales tactics they use. The second time I went in to the store I even told the salesmen I wanted to shop and would get him if I decided to purchase but he would not leave me alone. It was a nice store with what looked like good merchandise but I had to leave before I could find out.
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