RIP HHGregg: After 60+ Years, the Retailer is Officially Closing its Doors
Well, that’s about all she wrote for major appliance and electronics retailer HHGregg.
In a rather large showing on its website over the weekend, the company essentially admitted defeat and announced it will go out of business. Liquidation sales began almost immediately at the remaining 220 stores, all of which are expected to close by the end of may, resulting in about 5,000 layoffs across the country.
In a statement, CEO Bob Riesbeck said that the company had continued to fight to find a potential buyer since the March 6th announcement that it had filed for Chapter 11 bankruptcy. However, “[w]hile 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,” he said.