March 6 Appliances and electronics retailer
hhgregg Inc said on Monday it has filed for bankruptcy
protection and signed a term sheet with an unnamed party to
purchase its assets.
The retailer filed for a Chapter 11 reorganization in the
U.S. bankruptcy court for the Southern District of Indiana, the
company said in a statement.
Hhgregg had hired Stifel Financial Corp last month,
to advise it on strategic and financial transactions, as the
company has been struggling with sales declines.
(Reporting by Subrat Patnaik in Bengaluru; Editing by Amrutha