A Southaven shopping area is about to lose a business as the store’s national franchise is closing all of its locations.
The Indianapolis, Ind. home entertainment, electronics and appliance chain hhgregg recently announced it is filing for bankruptcy and closing all of its stores.
Liquidation sales started last week at all 132 store locations, including 6680 Southcrest Parkway, in the Southaven Towne Center.
“We do not know the exact closing date for each store location at this time,” said corporate spokeswoman Chantal Kowalski by email. “The stores will remain open until current inventory is sold, which we expect will be complete within the next six weeks, approximately.”
All merchandise and furniture, fixtures and equipment located at the store’s retail stores and distribution centers will be sold during the liquidation process. Customers are encouraged to shop early to find the best selection.
The bankruptcy announcement came earlier in the month, as hhgregg was dealing with financial problems. Efforts were reportedly made to find a buyer for the company, but those efforts were unsuccessful.
"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 company President and Chief Executive Officer Bob Riesbrock. “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.
The Southaven hhgregg was the first one in Mississippi, when it opened in late October 2009 in what was at one time a Circuit City store.
There was one other hhgregg store in the Memphis metropolitan area, located in the Wolfchase Galleria area of east Memphis.
Bob Bakken is Staff Writer and may be reached at 662-429-6397 ext. 240.