What's In Store

Electronics retailer to close all stores, including six in the Charlotte area

FILE - In this Tuesday, Nov. 25, 2014, file photo, a man and a woman leave an Hhgregg store in Mayfield Heights, Ohio. Consumer electronics chain Hhgregg Inc. is going out of business. The Indianapolis company says it will liquidate its assets after filing for bankruptcy protection in March 2017 and failing to find a buyer for the business.
FILE - In this Tuesday, Nov. 25, 2014, file photo, a man and a woman leave an Hhgregg store in Mayfield Heights, Ohio. Consumer electronics chain Hhgregg Inc. is going out of business. The Indianapolis company says it will liquidate its assets after filing for bankruptcy protection in March 2017 and failing to find a buyer for the business. AP

Electronics retailer Hhgregg is going out of business and will be closing all of its stores, including six in the Charlotte area.

The Indianapolis, Ind.-based company said it is liquidating all of its assets after failing to find a buyer for the business, the Associated Press reported. The retailer had filed for bankruptcy protection in March.

Hhgregg previously said last month it was closing 88 stores – including North Carolina locations in Mooresville, Durham and Cary – in a push to become profitable again.

“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,” said CEO Bob Riesbeck, according to the AP.

The company began the sale of its products this weekend.

Hhgregg isn’t the only national retailer to close stores amid pressure from online shopping. Macy’s, Hollister, The Limited and Kohl’s are a handful of the companies that have closed stores in the Charlotte area over the last year.

In the Charlotte area, Hhgregg has stores in Northlake Village, Pineville, Matthews, Mooresville, Concord and Gastonia.

Katherine Peralta: 704-358-5079, @katieperalta

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