Pier 1 Imports, which is led by the former CEO of defunct retailer HHGregg, plans to shut down hundreds of stores as it struggles to draw consumers and compete online.
$50M HHGregg suit attacks insiders for accepting customer deposits to very end
The suit charges that accepting the deposits at a time HHGregg’s tailspin cast doubt on its ability to provide the merchandise saddled the company “with tens of millions of dollars in unwarranted and unnecessary liabilities and recklessly caused the permanent destruction of the company’s value as a going concern.”Read More
Retail industry observers are speculating that the appointment of Robert Riesbeck is likely to mean a bankruptcy for Pier 1 in the near future, based on his track record.
A Carmel-based plaintiff has filed a lawsuit against Krieg DeVault, alleging the Indianapolis-based law firm’s failure to file a property deed in 2003 in a transaction involving defunct retailer HHGregg could now cost the real estate company millions of dollars.
Napleton Auto Group says it’s still weighing its options for relocating one of its local Kia dealerships after dropping a contract to buy the former appliance chain headquarters and retail site.
A Delaware law firm is spearheading the case on a contingency-fee basis. Under the sliding scale, it would get 20 percent of a recovery up to $10 million, and 35 percent of a recovery topping $20 million.
A group representing the unsecured creditors of HHGregg has filed suit against Andretti Autosport in an attempt to claw back nearly $1.5 million in sponsorship money the now-defunct retailer paid the racing team in the months leading up to its bankruptcy.
Executives eligible for the additional pay, if certain benchmarks are hit through the company’s bankruptcy, include Kevin J. Kovacs, HHGregg’s chief financial officer and acting CEO.
A small, little-known company purchased at auction the company’s intellectual property rights, besting a bid by a large retailer with a household name.
HHGregg Inc. will be history once the Indianapolis-based appliance and electronics chain wraps up store-closing sales at the last of its 220 locations this spring. Or will it?
Grand Appliance and TV, a family-owned chain with 20 stores in Illinois, Wisconsin and Iowa, is set to open its first Indiana store in July, with hopes of filling part of the void left by the closure of HHGregg.
The 62-year-old company is joining the trash heap of failed appliance and electronics retailers, done in by a long list of problems—including overexpansion and a collapse in sales of consumer electronics.
The terminations at the headquarters at 4151 E. 96th St. are expected to begin May 31, the company said in a notice to the Indiana Department of Workforce Development.
Year-to-date store closings are already outpacing those of 2008, when the last U.S. recession was raging, according to Credit Suisse Group. About 2,880 closings have been announced so far this year, compared with 1,153 for this period of 2016.
The Indianapolis-based retailer, which has filed for Chapter 11 bankruptcy protection, has filed a plan with the court to close its 132 stores and sell off its remaining merchandise if it can’t find a buyer by April 7.
The Indianapolis-based appliance and electronics retailer says it has interest from dozens of potential purchasers.
The news comes one day after the Indianapolis-based retailer announced that it was closing 88 stores and three distribution centers
The closure of 40 percent of the retailer’s stores will result in the elimination of about 1,500 jobs.