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The seventh-largest electronics and appliance store in the U.S. filed for Chapter 11 bankruptcy protection Tuesday.
The retailer announced the bankruptcy filing just days after announcing the closure of 88 of its locations. HHGregg’s bankruptcy filing comes after two years of losing money to both e-commerce and traditional retailers, USA Today reports. The retailer signed a term sheet with an anonymous party to purchase its assets, and company executives said HHGregg may emerge from bankruptcy in about 60 days.
The closures account for 40% of the firm’s store count and will eliminate 1,500 jobs. Company officials said the move will be completed around the middle of April.
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