All Virginia, US HHGregg Stores To Close

After a bankruptcy filing and a series of strategic store closings aimed at saving the struggling company, electronics chain hhgregg will close all of its stores in Virginia and nationwide. No buyer emerged by a Friday deadline, so the chain begins liquidation on Saturday at its remaining 220 stores, according to the Indianapolis Star.

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The stores will close by the end of May, meaning customers have just a few weeks left to use gift cards. Last month, hhgregg announced it would close 15 Virginia stores as part of financial turnaround efforts. Those stores — which are slated to close in mid-April — were located in Falls Church, Fairfax, Springfield, Sterling, Woodbridge, Manassas and Fredericksburg.

But the nationwide closures mark the end for the 62-year-old company, which was headquartered in Indianapolis. For the past month, the company had actively sought a buyer in the hopes of staying afloat.

"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," CEO Robert J. Riesbeck said in a statement, according to the Indianapolis Star.

The retailer is one of several chains to shutter stores in recent months, including Radio Shack and Payless ShoeSource.

photo via Patch archive