Electronics retailer hhgregg could file for bankruptcy next month: Bloomberg
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Appliances and electronics retailer hhgregg Inc is preparing to file for bankruptcy as soon as next month, Bloomberg reported on Friday.
The retailer is still seeking an out-of-court solution that would help it prevent filing a Chapter 11, Bloomberg reported, citing people familiar with the matter. (bloom.bg/2kS4j3E)
Hhgregg’s sales have fallen for 14 quarters in a row as it struggles to cope with intense competition.
The company said on Feb. 15 it was pursuing a range of strategic alternatives.
Indianapolis-based hhgregg’s shares fell 20 percent to 31 cents in premarket trading on Friday. The company’s stock has lost more than three-fourth of its value in the last 12 months.
The company was not immediately available for comment.
(Reporting by Gayathree Ganesan in Bengaluru- Editing by Savio D’Souza and Martina D’Couto)
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