Bloomberg: hhgregg Preparing For Bankruptcy Filing

Posted: Updated:
hhgregg shares have been down around 20 percent in pre-market trading on the Bloomberg report. hhgregg shares have been down around 20 percent in pre-market trading on the Bloomberg report.
INDIANAPOLIS -

Indianapolis-based hhgregg Inc. (NYSE: HGG) is preparing to file for bankruptcy, according to a report from Bloomberg. However, the publication says the electronics and appliance retailer is still hoping for an "out-of-court solution" that would allow it to avoid Chapter 11 protection.

Earlier this month, the company said it was working with financial advisory and investment banking firms to explore options for achieving its goal of returning to profitability.

The report marks the latest bit of bad news for the company. At the beginning of the month, hhgregg announced restructuring plans that led to 100 employees losing their jobs. While Chief Executive Officer Robert Riesbeck called the decision a difficult one, he said the move would help save $15 million annually.

hhgregg shares have been down around 20 percent in pre-market trading on the Bloomberg report. In January, hhgregg reported a fiscal third quarter net loss of $58.3 million, compared to a loss of $26.9 million during the same period the previous year.

  • Perspectives

    • We’re Having the Wrong Conversations About Safety

      Every time there’s a shooting at a school or a workplace, the arguments begin. We need more police officers stationed in the buildings. We need to arm teachers or encourage employees to carry handguns. We should invest in smokescreen systems or bulletproof partitions. Everyone should hide from the shooter. Everyone should run from the shooter. Everyone should confront the shooter. It’s healthy that we’re discussing safety, but unfortunately, we’re talking...

    More

Events



  • Most Popular Stories

    • Forbes Ranks Top Colleges; 3 Indiana Schools Make the Cut

      Forbes released its 12th annual ranking of America’s Top Colleges based on direct benefits a university or college provides its students. Several Indiana universities made the list in some “sub-categories”, like Grateful Graduates Index, but the University of Notre Dame was the only school in the state to break the top 20 overall rankings.

    • (courtesy: Frank Logan/Military Vehicle Preservation Assoc.)

      Historic Military Convoy to Cross Indiana

      A sentinel moment of U.S. history is playing out Sunday in South Bend when the recreation of the U.S. Army Transcontinental Military Convoy rolls into town. Approximately 70 historic military vehicles are retracing the original 1919 cross country trip which traveled along the famed Lincoln Highway.

    • We’re Having the Wrong Conversations About Safety

      Every time there’s a shooting at a school or a workplace, the arguments begin. We need more police officers stationed in the buildings. We need to arm teachers or encourage employees to carry handguns. We should invest in smokescreen systems or bulletproof partitions. Everyone should hide from the shooter. Everyone should run from the shooter. Everyone should confront the shooter. It’s healthy that we’re discussing safety, but unfortunately, we’re talking...

    • Photo courtesy of Crestwood Village

      Justus Rental Properties Details Closures

      Indianapolis-based Justus Rental Properties, Inc. has announced it will be closing its assisted living service line at Crestwood Village West and Crestwood Village East. The company is also is in the process of selling the both communities.

    • NSWC Crane is located within Naval Support Activity Crane, one of the largest naval bases in the U.S.

      Governor Announces New Defense Sector Strategy

      Indiana is combining its forces to grow the state’s defense industry and military assets, creating a collaborative approach to market the sector and bring new business to the state.  Governor Eric Holcomb announced Monday a realignment of the Indiana Office of Defense Development. The IODD, established in 2013, will now fall under the jurisdiction of the Indiana Economic Development Corp. The governor also announced the appointment of Major General Omer Tooley to lead...