BOARDMAN, Ohio (WKBN/WISH) – After more than 60 years in business, Indianapolis-based appliance and electronics chain hhgregg is shutting down all of its stores — including the one on US 224 in Boardman.
The company said 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 it was 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.
Bob Riesbeck, 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.”
hhgregg was founded in Indianapolis in 1955 and, at one time, had 220 stores in 19 states.