hhgregg, a Midwestern electronics and furniture retailer, said Friday it will shut down all of its stores, a month after announcing plans to shutter 88 locations that included all three of its south Louisiana locations.
The company announced on March 2 it would close 40 percent of its stores in an attempt to regain its financial footing. But Friday afternoon, the chain said it would start liquidating all of its assets at its 132 remaining stores after failing to find a buyer.
The three hhgregg stores in Louisiana are at the Mall of Louisiana in Baton Rouge; at the Westbank Village Shopping Center in Harvey; and at 8839 Veterans Memorial Blvd. in Kenner. All of the stores have been open since fall 2012, when hhgregg made a push into Louisiana. The stores are set to close by mid-April.
hhgregg, a Midwestern electronics and furniture retailer, is closing all three of its south …
"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," Robert J. Riesbeck, hhgregg president and chief executive officer, said. "We have, however, received and accepted a bid for liquidation of our assets."
The company filed for Chapter 11 bankruptcy protection on March 6.