Pier 1 Imports to close half its stores as sales falter
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.
HHGregg
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Former HHGregg HQ campus on market as industrial park, lures new-to-Indiana tenants
Indianapolis-based Citimark has already leased about one-quarter of the old appliance retailer’s home at 4151 E. 96th St.—which it acquired in December 2021 for $14 million—to a pair of companies that will use their spaces for showroom, office and warehousing purposes.
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Citimark plans $18M revamp of former HHGregg HQ for logistics uses
And because the property fronts the busy East 96th Street commercial corridor, the developer is also exploring options for retail outlots on the north end.
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Developer buys former HHGregg headquarters campus for $14M
The sprawling site includes more than 400,000 square feet of office, industrial and showroom space that was vacated after the consumer electronics retailer ceased operations in 2017.
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$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.”
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Articles
Former HHGregg, Marsh exec takes reins at struggling retailer Pier 1
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.
Real estate company sues law firm over HHGregg property deal gone awry
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.
National car dealer backs away from massive HHGregg HQ site
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.
Creditors prepping lawsuit against HHGregg officers and directors
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.
Andretti Autosport sued over sponsorship money from HHGregg
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.
Key HHGregg executives could pocket $675,000 in incentive bonuses
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.
Right to use HHGregg’s name and other intellectual property fetches just $400,000
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.
Sale of HHGregg name could lead to brand’s resurrection
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?
Regional appliance retailer planning stores in Indianapolis area
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.
Missteps, market shifts bury once-thriving 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.
HHGregg closure to cost 268 corporate employees their jobs
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.
HHGregg shutting down after 62 years in business
An email from the Indianapolis-based company to employees on Friday afternoon said efforts to find a buyer that would keep the business running failed and that liquidation sales will start Saturday.
HHGregg looks to be latest casualty in possible record year for retail closings
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.
Bankrupt HHGregg plans to liquidate if no buyer found in next week
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.
HHGregg’s deal with proposed buyer falls apart
The appliance-and-electronics retailer never disclosed the identity of the proposed buyer, but statements by attorneys in court and in a court filing suggest it was affiliated with Zimmerman Advertising, the company's advertising agency.
Other suitors will have chance to outbid HHGregg’s proposed buyer
The Indianapolis-based appliance and electronics retailer says it has interest from dozens of potential purchasers.
HHGregg files for bankruptcy, lines up buyer
The company did not disclose the identity of the purchaser. CEO Robert Riesbeck said HHGregg is “fully committed” to continuing to operate the 132 stores that will remain after it completes the closings announced last week of 88 stores.
HHGregg could file bankruptcy as soon as next week
The news comes one day after the Indianapolis-based retailer announced that it was closing 88 stores and three distribution centers
HHGregg closing 88 stores, three distribution facilities
The closure of 40 percent of the retailer’s stores will result in the elimination of about 1,500 jobs.