WILMINGTON, NC (WWAY) — Electronics retailer hhgregg is ending its 62-year run.
On Friday, the company announced it was going out of business and shutting down all 220 stores, including the one on Inspiration Drive in Wilmington.
The Indiana chain filed for bankruptcy last month and talked to dozens of potential buyers, but its CEO said the company could not close the deal by its deadline. The going-out-of-business sale at hhgregg stores got underway Saturday, selling furniture, electronics and appliances all at discounted prices.
“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.
According to a news release, hhgregg does not anticipate any value will remain from the bankruptcy estate for the holders of the Company’s common stock.