Make us your home page
Instagram

Electronics retailer HHGregg files for bankruptcy

Appliances and electronics retailer HHGregg and its Gregg Appliances unit filed for Chapter 11 bankruptcy protection on Monday, as the retail chains struggled with declining sales for about four years.

The company's 132 stores would operate normally throughout the restructuring process. HHGregg said last week that it plans to shut 88 stores and lay off about 1,500 employees. Fifteen of those stores are in Florida, but none in the Tampa Bay area will close. Nearby stores that will remain open include Clearwater, Brandon and Bradenton.

The bankruptcy action is the latest sign of the pressure on many retail chains facing online competition. The company also must compete with big-box rival Best Buy, which has gone through its own aggressive and painful cost-cutting efforts.

HHGregg, based in Indianapolis, said it expects to emerge from the bankruptcy process in about 60 days. It has been losing money for the past two years.

In a news release, HHGregg said it has agreed to sell its assets to an anonymous party, which will allow it to exit Chapter 11 "debt-free with significant improvement in liquidity for the future stability of the business."

Information from Times wires was used in this report.

Electronics retailer HHGregg files for bankruptcy 03/07/17 [Last modified: Wednesday, March 8, 2017 11:42am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. SOCom seeks civilian drone pilots to develop new technology through ThunderDrone

    Macdill

    TAMPA — For the last three years, Nicole Abbett has been using drones as part of her photography business, with clients like the city of Tampa and construction companies.

    Josh Newby, 31, Palm Harbor, of Tampa Drones fly's a drone in England Brothers park, Pinellas Park, 8/25/16. As drone popularity increases as a hobby and business, local governments are navigating a legal grey area- where, when, and how should drone flights be allowed?
  2. New apartment complex delivers unique floor plans



    Business

    RIVERVIEW — A new luxury apartment community has opened in the Progress Village area touting itself as a distinct living option just 10 miles from downtown Tampa.

    Alta at Magnolia Park dubs its new apartment community, that opened earlier this year in Riverview, a modern and distinct option for living just 10 miles from downtown Tampa.
  3. 'Road to Nowhere' is back: Next phase of Suncoast Parkway coming

    Roads

    Despite intense public opposition and dubious traffic projections, the Florida Department of Transportation has announced that construction of the toll road known as "Suncoast 2" is expected to start in early 2018.

    The Suncoast Parkway ends at U.S. 98 just south of Citrus County. For years residents have opposed extending the toll road, a project dubbed the "Suncoast 2" into Citrus County. But state officials recently announced that the Suncoast 2 should start construction in early 2018. [Stephen J. Coddington  |  TIMES]
  4. A sports rout on Wall Street

    Retail

    NEW YORK — Sporting goods retailers can't shake their losing streak.

  5. Grocery chain Aldi hosting hiring event in Brandon Aug. 24

    Retail

    BRANDON — German grocery chain Aldi is holding a hiring event for its Brandon store Aug. 24. It is looking to fill store associate, shift manager and manager trainee positions.