hhGregg to shut down, begin liquidation process

(WISH Photo/Drew Blair)

INDIANAPOLIS (WISH) – After more than 60 years in business, Indianapolis-based appliance and electronics chain hhGregg is shutting down.

The company says a liquidation process will begin Saturday.

All merchandise, furniture, fixtures and equipment in stores and distribution centers will be sold off.

The company announced last month they were filing for bankruptcy and closing dozens of stores.

An agreement with a buyer fell through and the company wasn’t able to find another in time.

The President and Chief Executive Officer of hhGregg released the following statement:

“Since filing for financial protection under Chapter 11 of the Bankruptcy code on March 6, 2017, we have continued to fight for the future of our company.  While we had discussions with more than 50 private equity firms, strategic buyers, and other investors, 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.  We have, however, received and accepted a bid for liquidation of our assets. This process will begin Saturday, April 8, 2017,” said Bob Riesbeck, President and Chief Executive Officer for hhgregg.

 

hhGregg was founded in Indianapolis back in 1955 and at one time has 220 stores in 19 states.

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