HHGregg To Close Alpharetta Store

ALPHARETTA, GA -- HHGregg, Inc. announced Friday that it will move forward with closing all of its stores throughout the country by the end of May.

The closure comes on the heels of the United States Bankruptcy Court for the Southern District of Indiana approved the company’s initiation of the process to liquidate its assets starting April 8.

HHGregg has about a dozen stores in metro Atlanta, including one at 5530 Windward Parkway Suite 200 in Alpharetta.

The Indianapolis-based electronics, appliance and furniture retailer has announced that it has filed for Chapter 11 bankruptcy after failing to find a buyer willing to keep the stores in business.

"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," said Bob Riesbeck president and CEO for hhgregg. "We have, however, received and accepted a bid for liquidation of our assets."

That process started Saturday, April 8. HHGregg notes it does not anticipate any value will remain from the bankruptcy estate for the holders of its common stock, although this will be determined in the continuing bankruptcy proceedings.

Founded in 1955, HHGregg currently has 220 stores in 19 states.

Image via HHGregg