Hhgregg announced Friday that the company is going out of business and plans to close all 220 of its stores after failing to find a buyer in bankruptcy court.
- Hhgregg to close 220 stores, going out of business
- Company failed to find buyer in bankruptcy court
- Full list of stores closing
The liquidation ends a 62-year run for the furniture, electronics, and appliance retailer.
The company sought Chapter 11 protection in Indianapolis bankruptcy court in early March, when CEO Bob Riesbeck said the company hoped to shed its debt and emerge “more agile.”
"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," Riesbeck said in a statement on Friday afternoon.
The company said going-out-of-business sales will start Saturday at hhgregg stores.
The company said it did not expect there to be enough money left from the liquidation after paying off creditors to give any to shareholders.
In May 2010, shares of hhgregg traded at $30.01, its all-time closing high, giving it a market cap of $834.6 million three years after going public.
The hhgregg liquidation comes on the heel of a particularly difficult time for retailers: chains like Payless ShoeSource, The Sports Authority, The Limited, American Apparel, Aéropostale, Wet Seal, BCBG and PacSun are among the retailers to have filed for bankruptcy protection in the last two years, with some liquidating altogether.
Here are several hhgregg stores in the Tampa area:
- Clearwater Mall, 2669 Gulf to Bay Blvd
- Clearwater, FL 33759
- 10277 E Adamo Dr
- Tampa, FL 33619
- Cortez Plaza, 4495 14th St W
- Bradenton, FL 34207
- 4000 US Hwy 98 N
- Lakeland, FL 33809
- 3222 E Colonial Dr Ste 14
- Orlando, FL 32803
- 8410 S Orange Blossom Trl
- Orlando, FL 32809
- 3052 Dyer Blvd
- Kissimmee, FL 34741
- Volusia Square, 2455 W International Speedway Blvd #910
- Daytona Beach, FL 32114
- 205 Palm Bay Rd NE #145
- West Melbourne, FL 32904