|HHGregg is the latest business to go.|
Appliance and electronics store HHGregg has filed for chapter 11 bankruptcy. It announced it was closing underperforming stores to bottom the storm. They were hoping a firm would buy the company to keep it from sinking. It turns out no one wants them.
Today, the retailer announce that all stores are closing in the United States.
That affects 5,000 employees.
On Friday, the company announced that it will liquidate its assets after failing to find a buyer for the business. It filed for bankruptcy protection in March.
The company based out of Indianapolis had over 300 stores in 19 states selling major appliances like washers and TVs, as well as computers and home theater systems.
The company will open it up its distribution centers and sell off all its properties as well.
"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 a business on a going-concern basis within the expedited timeline set by our creditors," said CEO Bob Riesbeck.
Donald J. Trump now overseas a country where the middle class is being driven to the poor house by their jobs in service being wiped away by greed, lack of labor unions and the digital giants.
To make this even more painful, Mike Pence was then governor of Indiana before he became vice fuhrer.