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News: Forum News: Vitamin World lists the 124 stores that are closing. J. Crew also announces 39 closings (no list).
 
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Author Topic: hhgregg liquidating, closing all stores *  (Read 1347 times)
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retailisking
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« on: March 02, 2017, 02:33:30 PM »

88 stores to close, plus three distribution centers will be shuttered. Market exits include Philadelphia, Baltimore-Washington and much of Florida.
http://www.twice.com/news/retail/hhgregg-closing-40-its-stores/64454

*Thread title modified to reflect eventual total liquidation of chain
« Last Edit: April 07, 2017, 11:37:36 PM by retailisking » Logged
retailisking
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« Reply #1 on: March 04, 2017, 11:19:03 AM »

hhgregg to file for bankruptcy. Will they survive? Not in today's climate...
https://www.bloomberg.com/news/articles/2017-03-03/hhgregg-said-to-be-filing-for-bankruptcy-as-soon-as-next-week
« Last Edit: March 04, 2017, 11:21:57 AM by retailisking » Logged
BillyGr
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« Reply #2 on: March 04, 2017, 01:31:08 PM »

Depends - since they are retreating to areas where they have been for a longer time (and are probably better known) those stores may do fine once they get rid of the ones that were lesser known.
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retailisking
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« Reply #3 on: March 05, 2017, 02:51:45 PM »

Depends - since they are retreating to areas where they have been for a longer time (and are probably better known) those stores may do fine once they get rid of the ones that were lesser known.

I get the feeling that they're just too far gone to save even the "core" stores at this point. The word from their home market isn't good:
http://www.indystar.com/story/money/2017/03/03/briggs-hhgreggs-reinvention-might-too-late/98593668/
« Last Edit: March 05, 2017, 09:16:29 PM by retailisking » Logged
retailisking
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« Reply #4 on: March 20, 2017, 09:42:22 AM »

I thought it sounded too good to be true...one has to assume that total liquidation is back on the table.
http://www.ibj.com/articles/63026-hhgreggs-deal-with-proposed-buyer-falls-apart
« Last Edit: March 20, 2017, 01:54:15 PM by retailisking » Logged
NJxxJon
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« Reply #5 on: March 20, 2017, 10:54:43 PM »

I see them as Circuit city's scraps for some reason.......North NJ has all these stores.
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retailisking
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« Reply #6 on: March 21, 2017, 08:54:53 AM »

I see them as Circuit city's scraps for some reason.......North NJ has all these stores.
Quite a few of the HHGregg stores in their new territories were former CC stores. Those are already closing as part of their bankruptcy.
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retailisking
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« Reply #7 on: April 01, 2017, 04:38:09 PM »

If a white knight does not emerge, going-out-of-business sales at all remaining stores will commence April 8 and conclude by May 31
http://www.ibj.com/articles/63215-bankrupt-hhgregg-plans-to-liquidate-if-no-buyer-found-in-next-week
« Last Edit: April 01, 2017, 06:28:16 PM by retailisking » Logged
retailfan
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« Reply #8 on: April 07, 2017, 05:06:06 PM »

Sadly HH Gregg is joining circuit city and many others  as they did not find a buyer in time and will begin liquidating tomorrow.
I bought a lot of things from them through the years many of which are still being used today. My first flat screen and my surround system . They will be missed.
hhgregg To Begin Liquidating
Will be out of business in eight weeks
4/07/2017 06:30:00 PM Eastern

By: Alan Wolf
Twice Electronics




Take Away
In death hhgregg may give life to other CE and appliance retailers as it relinquishes over $1 billion of market share.
Unable to find a buyer by today’s deadline, hhgregg will begin liquidating its assets this weekend and expects to shut its doors for good by June, the Indianapolis Business Journal reported.
In an email to employees obtained by the publication, CEO Bob Riesbeck said discussions were held with more than 50 private equity firms, strategic buyers and other investors.
“Unfortunately,” he wrote, “we were not successful in our plan to secure a viable buyer of the business on a going-concern basis within the expedited timeline set by our creditors.”
Some 5,000 employees will lose their jobs as a consequence.
Fire sales will be conducted by Tiger Capital and Great American, and the 62-year-old appliance, CE and furniture chain will likely be out of business by June, joining a long line of electronics chains that dreamed big but ultimately overreached.
The company filed for Chapter 11 protection last month with a prearranged bankruptcy sale on the table following 13 consecutive quarterly losses. But the deal fell through when the stalking horse bidder, believed to be an affiliate of its ad agency, Zimmerman Advertising, reportedly backed out after a $6 million payout was blocked by Haier.
The retailer was founded on April 15, 1955, by Henry Harold Gregg and his wife Fansy in an 800-square-foot appliance showroom and office in Indianapolis.
Its undoing can be traced to the untimely death of Henry’s grandson Jerry Throgmartin, a beloved leader who launched an aggressive multiregional expansion in pursuit of national status.
Fueled by a public offering and chief investor Freeman Spogli & Co., a private equity firm, the Indianapolis business grew from 18 to 220 stores across 19 states over the course of two decades.
But the plan was upended by an unfortunate confluence of events, including Throgmartin’s passing; e-commerce competition; the recession; and industrywide disruptions within the company’s bread-and-butter TV business.
The multiregional buildout stretched the company’s management resources under Throgmartin’s lieutenant, Dennis May, which led to a succession of leadership teams and unsuccessful forays into furniture, exercise equipment and other ancillary categories.
The end of the road comes as industry icons RadioShack and Sears face uncertain futures. But in death hhgregg may give life to other CE and appliance retailers as it relinquishes over $1 billion of market share.
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retailisking
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« Reply #9 on: April 07, 2017, 06:17:10 PM »

Liquidation became inevitable when the creditors demanded a resolution in such a short time frame.
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EddieJ1984
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« Reply #10 on: April 08, 2017, 05:59:54 PM »

The one near me only has 4 days left.
I dug up a picture of when the same building was closing last time as a citrcuit city.
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retailfan
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« Reply #11 on: April 13, 2017, 03:27:43 PM »

I believe they are consolidating  several of the stores togetherand closing down  some as they go  at the start of the sale they listed 220 stores  the email today showed somthing like 132 stores  I have heard there is not much left other than appliances  although i have not visited my local store
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retailisking
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« Reply #12 on: April 14, 2017, 09:50:53 AM »

I believe they are consolidating  several of the stores togetherand closing down  some as they go  at the start of the sale they listed 220 stores  the email today showed somthing like 132 stores  I have heard there is not much left other than appliances  although i have not visited my local store
Prior to the decision to close all remaining stores there was a restructuring plan in place which called for them to close 88 outlying locations.
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retailfan
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« Reply #13 on: April 14, 2017, 07:22:15 PM »

Funny thing though HH Gregg is still hiring  i got  my job search email  today  with 10 jobs listed  and it was just updated on April 12 th
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JSIDA17
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Kmart will go bankrupt again, I just know it


« Reply #14 on: April 15, 2017, 08:54:31 AM »

Another electronics chain bites the dust. Soon Walmart will be the only electronics retail chain.
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jason83080
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« Reply #15 on: April 22, 2017, 10:57:25 PM »

Admittedly, I haven't been inside of an HHGregg store in *years*, but when did it turn into "the second story of Sears"? I remember it being a Best Buy-type store or something resembling Circuit City. When did they start selling mattresses and furniture?

Also, I know that the liquidators tend to raise prices, but, goodness, I can understand why they're going out of business. Some TVs at the North Olmsted, OH, location - as of last Thursday - were still priced at over $3000, and that's WITH their 10% off discount for the closing. A water-filtration cup was only $9 after the discount, but the filter 2-packs were $27. That's crazy!

We'll see how quickly they sell through what's left. It didn't look like a lot, but, considering I had to sign a release form stating that the $5.59 computer keyboard I was buying was leaving with me, I'm thinking that there's a good amount of things left in the back.
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Kmart4life
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« Reply #16 on: May 05, 2017, 06:01:40 PM »

I hate to see this because I have purchased quite a bit from hhgregg and the staff was always very knowledgeable about the products. Not to mention they beat the prices at Best Buy and Circuit City on flat screen TV'S for me. Sad to see them go.
« Last Edit: May 07, 2017, 10:54:56 PM by Kmart4life » Logged
retailfan
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« Reply #17 on: May 31, 2017, 05:19:28 PM »

As of this weekend HH Gregg is no more  the web sight says closed for business  will the name live on online  personaly i doubt it  but time will tell. I have heard there is a chain going to locate on the north side either in or near the former headquarters on 96th street RIP HH Gregg
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