After a bankruptcy filing and a series of strategic store closings aimed at saving the struggling company, electronics chain hhgregg will close all of its stores in Virginia and nationwide.
Last month, the chain announced it was closing 88 stores, including its store in Chesterfield. The Fairview Heights location was scheduled to remain open until Friday's announcement.
"Since filing for financial protection under Chapter 11 of the Bankruptcy Code on March 6, 2017, we have continued to fight for the future of our company.", said Bob Riesbeck, President and Chief Executive Officer for hhgregg.
The company does not anticipate any value will remain from the bankruptcy estate for stockholders, although this will be determined in the continuing bankruptcy proceedings, the statement said.
Time ran out for Hhgregg today.
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Riesbeck was hired as the CEO of the retailer in February 2016 - replacing Dennis May after he resigned. All 220 stores in 19 states will soon shut their doors forever in the coming weeks.
A steady stream of curious customers wandered through the Boardman store Friday evening, many looking for going-out-of-business deals. "And that's how HHGregg was built through the years". HHGregg lost money in each of the past two years.
Although the Fine Lines brand showed encouraging growth, it was not enough to make up for plummeting electronics sales. The stores will be closed by the end of May.
All merchandise, furniture, fixtures and equipment in stores and distribution centers will be sold off.
The Vindicator's broadcast partner, 21 WFMJ-TV, reported that all sales during the liquidation period are final, with the exception of defective items, which can be returned within a week of purchase.