"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,” hhgregg CEO Bob Riesbeck said in a statement.
Shoppers have just a few weeks to use gift cards at hhgregg. The IndyStar reports that hhregg is limiting refunds on items bought before March 6 to $2,850.
Hhgregg is one of many retailers closing stores within the first half of 2017. Bebe and Wet Seal announced closings of all stores nationwide. News that Payless ShoeSource had filed for Chapter 11 bankruptcy surfaced last week. Earlier this year, J.C. Penney announced it would close more than 100 stores across the county.