hhgregg terminates non-binding sale agreement; other buyers interested

By Caroline Salls

Pittsburgh, March 16 – hhgregg, Inc. terminated its non-binding term sheet with an anonymous party to purchase substantially all of the company’s assets because it was unable to reach a definitive agreement on the sale terms, according to a company news release.

“We have received strong interest from third parties interested in buying some or all of the company’s assets,” hhgregg president and chief executive officer Robert J. Riesbeck said in the release.

“We and our advisers continue to work with potential acquirors to help them understand our business model for future growth and our value proposition.”

hhgregg, which filed for Chapter 11 on March 6 in the U.S. Bankruptcy Court for the Southern District of Indiana, is an Indianapolis-based specialty retailer of consumer electronics and home appliances. The Chapter 11 case number is 17-01302.

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