Time's up for Hhgregg
April 7, 2017,
INDIANAPOLIS — Time ran out for Hhgregg today.
The bankrupt retailer was hoping for a going concern bid on its remaining stores Friday, but the deadline came and went, and now total liquidation of its remaining 132 stores and 14 distribution centers is set to begin Saturday.
The Indianapolis-based retailer filed for Chapter 11 protection March 6 and announced it was shuttering 88 of its 220 stores in 19 states. Initially it filed, saying it planned to emerge debt free, streamlined and under an unidentified new owner.
That plan fell through. And the court today approved the plan to bring in liquidators Tiger Capital Group and Great American Group to conduct going-out-of-business sales at the remaining stores in the absence of a better going concern offer.
Hhgregg said it doesn’t anticipate any value will remain from the bankruptcy estate for its stockholders, although that will be determined in continuing bankruptcy proceedings.
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