Electronics retailer hhgregg files for bankruptcy (updated)

hhgregg

07/03/2017 04:01

(Adds detail, background) 
    March 6 (Reuters) - Appliances and electronics retailer 
hhgregg Inc  HGGG.PK  and its Gregg Appliances Inc unit filed 
for bankruptcy protection on Monday, as they continued to 
struggle with declining sales for about four years.  
    Hhgregg listed assets and liabilities of up to $50,000 in 
its Chapter 11 filing in the U.S. bankruptcy court for the 
Southern District of Indiana, and said it signed a term sheet 
with an unnamed party to purchase its assets.  urn:newsml:reuters.com:*:nBw7B7GDBa  
    Gregg Appliances listed assets and liabilities in the range 
of $100 million to $500 million in a separate filing.  
    Hhgregg said it expected to emerge from the process in about 
60 days. 
    "Through these strategic steps, we plan to come out of this 
debt free and more agile as we serve our valued customers and 
vendor partners," Chief Executive Robert Riesbeck said in a 
statement. 
    The company's 132 stores would operate normally throughout 
the restructuring process. It said last week it would shut 88 
stores. 
    Hhgregg hired Stifel Financial Corp  SF.N  last month, to 
advise it on strategic and financial transactions.  urn:newsml:reuters.com:*:nL4N1G05PL 
 
 (Reporting by Subrat Patnaik in Bengaluru; Editing by Amrutha 
Gayathri) 
 ((subrat.patnaik@thomsonreuters.com; within U.S. +1 646 223 
8780, outside U.S. +91 80 6749 8052; Reuters Messaging: 
subrat.patnaik.thomsonreuters.com@reuters.net)) 
 
Keywords: HHGREGG BANKRUPTCY/