April 8 (UPI) -- Electronics and home goods retailer hhgregg announced it will close all 220 retail outlets and will go out of business after the Indiana-based chain failed to find a buyer.
The 62-year-old company sought Chapter 11 bankruptcy protection in March, saying it was "the best path forward to ensure hhgregg's long-term success."
CEO Bob Riesbeck said there were discussions with more than 50 private equity firms, strategic buyers and other possible investors but nothing came to fruition.
"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," Riesbeck said.
Liquidation sales began Saturday. The company said it does not expect to have money left after paying creditors to give to shareholders. Hhgregg has already began the process of closing 88 stores. Liquidation firms Tiger Capital Group and Great American Group have entered into an agreement to sell merchandise at the remaining 132 stores.
Amy R. Connolly
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