HHGregg closure to cost 268 corporate employees their jobs

Retailer HHGregg Inc. says the closure of its headquarters in Indianapolis will end the jobs of 268 corporate employees.

The terminations at the offices at 4151 E. 96th St. are expected to begin May 31, the company said in a notice to the Indiana Department of Workforce Development.

HHGregg announced Friday that it was going out of business after 13 straight money-losing quarters.

The 62-year-old appliance and electronics retailer began a liquidation process Saturday that it estimated would take about eight weeks.

The 220-store chain employed an estimated 5,000 workers before it began cutting staff earlier this year in a cost-cutting move.

The retailer, which filed for Chapter 11 bankruptcy protection on March 6, said on March 31 that it would close its stores and liquidate their contents if it couldn't find a buyer for the business by Friday. A buyer never emerged.

HHGregg, founded by central Indiana's Throgmartin family, lost its way after going public in 2007 and launching an aggressive push to go national. The expansion coincided with price deflation and increased competition in consumer electronics, which used to generate most of its sales.

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