The latest brick-and-mortar retail casualty, hhgregg has announced that the United States Bankruptcy Court for the Southern District of Indiana approved initiation of a liquidation process that began on April 8.
The retailer has executed an agreement with Tiger Capital Group, LLC and Great American Group, LLC to conduct the liquidation of merchandise, furniture, fixtures and equipment in hhgregg retail stores and distribution centers.
The company filed for Chapter 11 bankruptcy protection on March 6. Although a final determination will be reached in bankruptcy proceedings, hhgregg stated that it does not anticipate any value will remain from the bankruptcy estate for the holders of its common stock.
Bob Riesbeck, hhgregg president and CEO, said, “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.”