hhgregg is finally out of its misery, although the pain is just beginning for thousands of former employees.
The once multiregional CE, appliance, bedding and furniture chain has now closed all its stores and website, leaving behind a holding page confirming that the company “is no longer in business.”
The page links to Hilco Streambank, which is looking to auction off the retailer’s trademarks, domain names, customer database and website.
According to an Indiana WARN notice filed last month, hhgregg’s Indianapolis headquarters are expected close shortly, and layoffs of its 268 corporate staff are scheduled to begin today.
The Indy-city business was founded in 1955 by Henry Harold Gregg and his wife Fansy in an 800-square-foot appliance showroom and office.
Forty-two years later his scions embarked on an ill-fated buildout over two decades that grew his namesake chain from 18 to 220 stores across 19 states, fueled by a public offering, equity investments, the void left by Circuit City and, ultimately, ambition.
Now the race is on to see who grabs the lion’s share of its spoils.
Hat tip to WTHR Channel 13’s Matt McCutcheon in Indianapolis.