Consumer wiring sequence hhgregg Inc. is going out of business and shutting down all a stores.
The Indianapolis association pronounced Friday that it will repay a resources after unwell to find a customer for a business. It filed for failure insurance in March.
Founded in 1955, a tradesman had 220 stores in 19 states offered vital appliances like washers and TVs, as good as computers and home museum systems. As of May final year, it had about 5,000 employees.
Just days before announcing a failure insurance filing final month, hhgregg pronounced it designed to trim down by shutting 3 placement centers and 88 stores. But a pierce was not adequate to deliver a chain.
“While we had discussions with some-more than 50 private equity firms, vital buyers, and other investors, unfortunately, we were catastrophic in a devise to secure a viable customer of a business on a going-concern basement within a expedited timeline set by a creditors,” pronounced CEO Bob Riesbeck.
The association pronounced it will start a sale of a merchandise, furniture, fixtures and apparatus during a stores and placement centers on Saturday.
It is a latest brick-and-mortar sequence to bend underneath due to attention changes from a arise of online shopping. Amazon.com has eaten divided during sales of roughly each normal retailer. Earlier this week, shoe sequence Payless ShoeSource filed for failure protection.