INDIANAPOLIS -- Indianapolis-based electronics and appliances company hhgregg filed for bankruptcy Monday, just a few days after announcing it will close 88 stores nationwide.
hhgregg filed under Chapter 11 of the United States Bankruptcy Code with the Southern District of Indiana, the company announced in a press release.
“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."
hhgregg signed an agreement with an anonymous party to buy the company's assets.
As it goes through the Chapter 11 process, the hhgregg says it intends to continue:
- Providing delivery, installation and customer service
- Providing pay, healthcare and other benefits to its associates
- Paying suppliers and vendors for the goods and services it receives in the ordinary course of business
On Thursday, hhgregg announced it was closing 88 stores, none in Indiana. The company says the remaining stores will stay open.
“We have streamlined our store footprint and remain fully committed to the 132 remaining stores, and the associates supporting those locations. We have solidified our senior management team and everyone is dedicated to restructuring our business model for future profitability and growth,” Riesbeck said.