Appliances and electronics retailer hhgregg Inc and its Gregg Appliances Inc unit filed for bankruptcy protection on Monday, as they continued to struggle with declining sales for about four years.
Hhgregg listed assets and liabilities of up to $50,000 in its Chapter 11 filing in the U.S. bankruptcy court for the Southern District of Indiana, and said it signed a term sheet with an unnamed party to purchase its assets.
Gregg Appliances listed assets and liabilities in the range of $100 million to $500 million in a separate filing.
Hhgregg said it expected to emerge from the process in about 60 days.
“Through these strategic steps, we plan to come out of this debt free and more agile as we serve our valued customers and vendor partners,” Chief Executive Robert Riesbeck said in a statement.
The company’s 132 stores would operate normally throughout the restructuring process. It said last week it would shut 88 stores.
Hhgregg hired Stifel Financial Corp last month, to advise it on strategic and financial transactions.
(Reporting by Subrat Patnaik in Bengaluru- Editing by Amrutha Gayathri)
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