HHGregg, the electronics and appliances retailer, will close all of its 220 stores — including three in the Jacksonville area — after failing to find a buyer by its Friday deadline.
The company will begin liquidation on Saturday. Terms of the store closing sale will be that all sales are final, except in the case of defective merchandise. Such returns must be made within seven days. All stores should be closed by the end of May.
Employees were told of the shutterings on Friday, but there was no more information on workers. Before store-closing-related job cuts — 88 store closings were announced earlier this year — the company employed more than 5,000 workers.
Bob Riesbeck, president and chief executive officer for HHGregg, said in the email: “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.”
The liquidation ends a 62-year run for HHGregg, which is headquartered in Indianapolis.
The company does not anticipate any value will remain from the bankruptcy estate for stockholders, although this will be determined in the continuing bankruptcy proceedings, the statement said.
Jacksonville’s stores are at 651-100 Commerce Center Drive, Unit 100 in the Regency area; 10320 Shops Lane Suite 200 near The Avenues mall; and 8380 Merchants Way at Oakleaf Plaza.
