Daily News
From Home Furnishing Business
HHGregg Begins GOB Sales After Failing to Find Buyer
April 10,
2017 by Larry Thomas in Economic News, Industry 
HHGregg began liquidation sales at its remaining stores over the weekend after the bankrupt retailer of electronics, appliances and furniture retailer was unable to find a buyer.
The decision means the entire 220-store chain will be out of business in about two months.
Robert Riesbeck, president and CEO, said management has “continued to fight for the future of our company” since filing for Chapter 11 bankruptcy protection on March 6. However, he said discussions with more than 50 private equity firms, strategic buyers and other investors failed to secure a buyer “within the expedited timeline set by our creditors.”
Shortly before filing for bankruptcy protection, HHGregg began liquidation sales at 88 of its stores. Last Friday, U.S. Bankruptcy Court Judge Robyn Moberly approved a plan to liquidate the remaining 132 locations. The plan was supported by the Unsecured Creditors Committee, which includes representatives of Serta Simmons Bedding and Steve Silver Company.
Moberly also approved an agreement between the retailer and a joint venture comprised of Tiger Capital Group and Great American Group to conduct the going-out-of-business sales.
The agreement allows consumers to use HHGregg gift cards during the first two weeks of the liquidation sales (with a $2,850 per person limit), and allows limited product returns within seven days of purchase.