HHGregg Working to Avoid Bankruptcy

HHGregg Working to Avoid Bankruptcy

March 6, 2017         Written By Natalie Rutledge

Over the last few weeks, rumors have spread about HHGregg filing Chapter 11 bankruptcy in order to get out of debt. The appliance retailer has issued an official press release discussing this topic.

HHGregg says they are working hard to avoid bankruptcy, and instead they plan to close down 88 store locations and three distribution centers. This will lay off approximately 1,500 employees. The stores’ inventory and physical buildings will be sold over the next few weeks, and the company expects to finish the transition by mid-April.

A majority of the affected locations are in Florida, Pennsylvania, Maryland and Virginia. The soon-to-close distribution facilities are located in Miami, Florida; Brandywine, Maryland; and Philadelphia, Pennsylvania.

“We are strategically exiting markets and stores that are not financially profitable for us,” said CEO Robert J. Riesbeck.

The company will still operate in 132 locations, in addition to its efforts online.

This is the second round of layoffs for HHGregg this year. Last month, the company let go of 100 employees. Just a few days prior to this layoff announcement, the New York Stock Exchange delisted HHGregg because they no longer met the minimal listing requirement.



The information contained within this article was accurate as of March 6, 2017. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


natalierutledge

About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at natalie@lowcards.com
View all posts by Natalie Rutledge
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back twice. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : No Annual Fee; Cash Back match at the end of your first year; Social Security Alerts
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Featured Cash Back Card
Top Features : No Annual Fee, Bonus Offer, Cash Back