hhgregg closing all stores, including one locally

HOOVER – hhgregg announced on April 7 that it will liquidate its assets, resulting in the close of all of the company’s 220 stores in 19 states, including a store in the Inverness area.

There are 13 employees at the Inverness store, according to hhgregg Communications Manager Chantal Kowalski.

Exact closing dates for the stores are not known, Kowalski said.

“The stores will remain open until inventory is sold, which we expect will be complete within the next six weeks, approximately,” Kowalski said on April 13.

The Southern District of Indiana approved the company’s initiation of the process to liquidate the assets of the company commencing on April 8.

As previously announced, hhgregg executed a consulting agreement with a contractual joint venture to conduct a sale of the merchandise and furniture, fixtures and equipment located at the company’s retail stores and distribution centers.

“Since filing for financial protection under Chapter 11 of the Bankruptcy code on March 6, 2017, we have continued to fight for the future of our company,” said Bob Riesbeck, president and chief executive officer for hhgregg. “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.”

The company filed for Chapter 11 bankruptcy protection on March 6.

hhgregg is an appliance, electronics and furniture retailer founded in 1955.