INDIANAPOLIS -- Indianapolis-based hhgregg Inc. is preparing to file for bankruptcy, according to reports.
The news comes just a week after the company announced it was hiring a firm to help turn its financials around.
Bloomberg reports that the 61-year-old appliance and electronics retailer could file for Chapter 11 bankruptcy as early as next month.
hhgregg has 220 stores across the country.
The company announced last week that it was hiring a firm that specializes in restructuring to help with its financials after nearly two years of weak sales numbers.
The company closed part of its Indianapolis warehouse last summer to restructure their distribution network. A new warehouse was opened in Hebron, Kentucky.
Officials with the company are not commenting on the report.