hhgregg requests approval of bidding procedures for its assets

New York, March 10 – hhgregg, Inc. asked the U.S. Bankruptcy Court for the Southern District of Indiana to approve bidding procedures for the sale of all of the company’s assets in a filing Thursday.

The company is proposing to set a bid deadline of 5 p.m. ET on April 21 and to hold an auction if necessary on April 24.

A sale hearing will follow on April 25.

hhgregg said that Stifel, Nicolaus & Co., Inc., the investment banker it hired on Feb. 11, has contacted 73 potential buyers, including both potential financial and strategic purchasers.

Of these, 47 participated in high-level discussions and 31 negotiated confidentiality agreements.

Stifel is continuing to market the assets, the company said.

In addition, hhgregg is looking to enter into a stalking horse agreement with a potential acquirer.

hhgregg, which filed for Chapter 11 on March 6, is an Indianapolis-based specialty retailer of consumer electronics and home appliances. The Chapter 11 case number is 17-01302.

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