Hhgregg Files For Bankruptcy

(RTTNews) - hhgregg, Inc. (HGG) said that it filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code to restructure its balance sheet and better position itself for future success.

The petitions were filed in the U.S. Bankruptcy Court for the Southern District of Indiana.

The company has signed a term sheet with an anonymous party to purchase the assets of the Company, which is intended to allow the Company to exit Chapter 11 debt free with significant improvement in liquidity for the future stability of the business. The Company expects a quick and smooth process through Chapter 11 with emergence in approximately 60 days.