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hhgregg may close all 132 locations, liquidate items if company isn't purchased

Posted at 4:41 PM, Mar 31, 2017
and last updated 2017-03-31 21:06:49-04

INDIANAPOLIS – hhgregg, an Indianapolis-based electronics and appliances chain, plans to close its 132 locations and liquidate all merchandise if it is unable to find a buyer within the next week.

Without a buyer by April 7, about 3,700 people could lose their jobs.

A filing with the U.S. Securities and Exchange Commission on Friday said the company is gearing up for possible liquidation if hhgegg is not purchased.

“A precautionary measure in the event no acceptable going concern bids are received by the upcoming bid deadline of April 7, 2017.”

If liquidation does occur, it will include the company’s furnishings, fixtures and equipment. Store locations will begin to close April 8 pending the bid.

hhgregg filed for Chapter 11 bankruptcy on March 7, just a few days after the company announced they would close 88 stores nationwide.

RELATED | Indianapolis-based hhgregg files for bankruptcy

“We’ve given it a valiant effort over the past 12 months,” said Robert J. Riesbeck, hhgregg's President and CEO shortly after the filing. “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."

In July 2016, company officials announced it planned to close part of its Indianapolis warehouse, which impacted about 40 employees.

All affected employees were told they would have the opportunity to interview for positions in Kentucky, where the new warehouse was planned to root.

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