hhgregg Files for Chapter 11 Bankruptcy, Already Has Potential Buyer
In a not-so-shocking announcement on Tuesday, major appliance and electronics retailer hhgregg released a statement saying that it has formally filed for Chapter 11 bankruptcy. The company said that the move would enable it to more easily make business decisions aimed at “better position[ing] itself for future success.”
"We've given it a valiant effort over the past 12 months," said Robert J. Riesbeck, hhgregg's President and CEO. "We have conducted an extensive review of alternatives and believe pursuing a restructuring through Chapter 11 is the best path forward to ensure hhgregg's long-term success. We are thankful for the continued support of our dedicated employees, valued customers, vendors and business partners as we navigate this process, and look forward to becoming a stronger company in the coming months."
Also in the statement, hhgregg said it has already lined up a potential buyer. The name, to this point, has remained anonymous.