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[Slayven]

http://www.indystar.com/story/money...ll-stores-after-failing-find-buyer/100183284/

INDIANAPOLIS — The going-out-of-business sales start this weekend at HHGregg.

The bankrupt retailer is planning to begin liquidating its assets Saturday after failing to find a buyer by its Friday deadline. The company expects to close all of its 220 stores by the end of May, resulting in about 5,000 layoffs across the U.S.

HHGregg CEO Bob Riesbeck in a statement said the company has "continued to fight for the future" since March 6 when it filed for Chapter 11 bankruptcy protection.

"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.

A company spokeswoman said Riesbeck was not available for an interview.

The liquidation process means HHGregg customers only have a few weeks left to use gift cards and return previously purchased items. Customers who want to make returns could end up being disappointed. The company, citing its bankruptcy process, is limiting returns on items bought before March 6 to $2,850 — a fraction of the cost of many high-ticket appliances and televisions.

The liquidation ends a 62-year run for HHGregg, which is headquartered on 96th Street. The company was founded by Henry Harold Gregg and his wife, Fansy.

Feel bad for people losing their jobs

 

[FrankCanada97]

Maybe they shouldn't have wasted money by sponsoring failed IndyCar driver Marco Andretti.

 

[thekonamicode]

Hope those folks can land on their feet and find new gainful employment. There's an HH Greg in my town, but I've only been in there once and I can't say I bought anything.

 

[geomon]

Sad to see people lose their jobs but the store (at least in my area) just wasn't competitive. My area has a Best Buy, Walmart, and a Brandsmart USA. You're just not going to compete with Brandsmart on pricing, name brand, and off brand availability for appliances large or small. That left Best Buy and Walmart to mop up whatever was left. HHGreg stood no chance in this area.

 

[Eye for an Eye]

I remember them popping up during the housing boom. It's no surprise they can't stay viable in this market. Even the rich are turning to online shops because why even bother wasting time at a physical store?

 

[kirblar]

I went into the HHGregg closing sale. Wasn't much left (and what was left was too expensive) but I don't understand the business model whatsoever. TVs, Furniture, Appliances, Beds? It's all high-margin expensive stuff...that you can buy at other stores that are either specialized (Beds, Furniture) or part of bigger store chains (TVs, Appliances.)

 

[Kindekuma]

I've walked into only one store ONCE and it was a total ghost town. Doesn't shock me to see what happened to the brand.

 

[andycapps]

Honestly shocked they lasted this long. Feel like a relic.

 

[OraleeWey]

That one time my debit card was stolen, there was a fraudulent charge of $400 from HHGregg (•̀o•&#769ง

 

[ThreePiMatt]

One opened in my city a couple years ago, but rarely ever saw anyone there.