INDIANAPOLIS, Ind. (WANE) – Home appliance and electronics retail chain, HHGregg announced Friday all of its stores will close after they were unable to secure a buyer in an agreement with two liquidation firms.
On March 31, HHGregg announced it had one week left before an arrangement with Tiger Capital Group LLC and Great American Group LLDC to sell would kick in, after filing for Chapter 11 bankruptcy earlier in the month.
The financially troubled retailer started liquidation sales on Saturday.
HHGregg CEO Bob Riesbeck said that the company 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.
The more than 60-year-old retail chain currently operates 132 locations, including one in Fort Wayne on Parnell Avenue.