A glimmer of hope, unfulfilled

Even though home furnishings and electronics retailer Hhgregg declared bankruptcy in March — along with plans to close 88 of 220 stores around the country — a glimmer of hope remained.

“Our team is dedicated to moving forward and being a profitable 132-store, multiregional chain where we will continue to be a dominant force in appliances, electronics and home furnishings,” said Hhgregg CEO Robert Riesbeck at the time of the bankruptcy.

But saying it doesn’t make it so. Less than a month later, the company announced plans to shutter all 220 stores.

What happened? Discussions with private equity firms, strategic buyers and other possible investors failed to present a solution. Going out of business sales have begun. And all stores are expected to close by the end of May.

Based in Indianapolis, Hhgregg was founded in 1955 by Henry Harold Gregg. It has reported losses for the past two years, challenged by online competition and discounters.