hhgregg files for bankruptcy following announcement of store clo - NBC12 - WWBT - Richmond, VA News On Your Side

hhgregg files for bankruptcy following announcement of store closures

All hhgregg locations in Central Virginia will soon shut down. (Source: hhgregg) All hhgregg locations in Central Virginia will soon shut down. (Source: hhgregg)
INDIANAPOLIS, IN (WWBT) -

Less than a week after announcing that 88 of its stores and three distribution centers would close, electronics retailer hhgregg filed for bankruptcy protection. 

The Indianapolis Business Journal also reports that the company has reached an agreement to sell the business to an undisclosed party.

The company, which is based in Indianapolis, says in the Chapter 11 filing that it has assets and liabilities between $100 million and $500 million. 

On Thursday, hhgregg announced it was closing 88 stores, including all of its locations in Central Virginia, because some locations were "no longer strong shopping destinations."

"We are strategically exiting markets and stores that are not financially profitable for us," Robert J. Riesbeck, hhgregg's president and CEO, said last week. "This is a proactive decision to streamline our store footprint in the markets where we have been, and will continue to be, important to our customers, vendor partners and communities."

On Monday, Riesbeck stressed that the chain will keep the remaining 132 stores open across the country.

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