HHGregg Closing All Stores, Liquidating Inventory
HHGregg has begun liquidating its assets after failing to find a buyer by its deadline last Friday. 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.
Total Retail's Take: HHGregg's demise is not a surprise. The electronics retailer filed for Chapter 11 bankruptcy protection, laid off 100 employees, and announced that it would close 88 stores (before the decision was made to close all stores), all within the first three months of 2017. Like so many other traditional brick-and-mortar retailers, HHGregg struggled to adapt its business for the e-commerce age in the midst of a steep decline in store traffic. Company executives were hoping a bankruptcy auction would yield a buyer that would keep the 62-year-old retailer in business, but that hope faded as Friday's deadline came to pass.
- Categories:
- Management
- Retail Stores
- People:
- Bob Riesbeck
Joe Keenan is the editor-in-chief of Total Retail. Joe has nearly 20 years experience covering the retail industry, and enjoys profiling innovative companies and people in the space.
