• Clint Engel

Time's up for Hhgregg

The retailer will liquidate its remaining stores after failing to secure a buyer.

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.

In a release today, President and CEO Bob Riesbeck said the electronics, appliance and home furnishings retailer fought for its future had discussions with more than 50 private equity firms, strategic buyers and other investors, but “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 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.

Clint EngelClint Engel | Senior Retail Editor, Furniture Today

Please feel free to email or call me with all of your retail news and tips, including expansion news, successful merchandising and marketing strategies and anything else you would like to see covered by Furniture/Today.  Contact me directly at cengel@furnituretoday.com or 336-605-1129.

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