Electronics retailer Hhgregg plans to have all 220 of the company’s stores closed by May — meaning the going-out-of-business sales at all stores start this weekend.
The Indianapolis Star reports that the retailer has gone bankrupt and could not find a buyer before the company’s deadline, which was Friday.
In early March company officials announced they would be closing 40 percent of stores in an effort to turn things around financially. The Fairview Heights location was scheduled to remain open until Friday’s announcement.
Hhgregg CEO Bob Riesbeck told the Indy Star in a statement the company has “continued to fight for the future.” It filed for Chapter 11 bankruptcy protection last month.
The Indy Star reported that Hhgregg, based in Indianapolis, has been in business for 62 years.
Friday’s announcement means customers will have a few weeks to use gift cards and return purchased items.