HHGregg Inc. senior managers are not entitled to share in $40 million in life insurance proceeds from the 2012 death of executive chairman of the board Jerry Throgmartin, the Indiana Court of Appeals ruled Friday.
The struggling, Indy-based retailer says the move is part of a larger strategy that could save as much as $25 million over two years.
The struggling appliances and electronics retailer says its senior vice president of marketing, ecommerce and strategy has resigned. He’s at least the 10th executive to leave the Indy-based firm since mid-2012.
The struggling retailer says it intends to more than double the number of its stores featuring the ritzy showrooms—an extension of its recent strategy to focus more on appliances and furniture.
Robert Riesbeck, the company’s chief financial officer, has served as the struggling retailer’s CEO on a temporary basis since February but wants the title to become permanent.
After all the turmoil, investors are eager for signs that interim CEO Robert Riesbeck is righting the ship.
The revolving door in the leadership offices at HHGregg continued to turn this week with the departure of Trent Taylor, chief information officer. Taylor is at least the ninth senior-level executive to leave HHGregg since mid-2012.
The Indianapolis-based appliance and electronics retailer, which has seen its sales plummet in recent years, named Chief Financial Officer Robert Riesbeck as interim CEO. May had been with the company since 1999.
Sales were down again, as expected, but the electronics and appliance retailer saw a smaller loss in the latest quarter thanks to cost savings.
Freeman Spogli & Co. has been invested in the Indianapolis retailer for a decade, which is bordering on an eternity by private equity standards.
Retailers like Best Buy Co. and HHGregg Inc. expect weak demand for electronics during the holidays, although ultra-HD televisions might be an exception.
Indiana’s publicly traded retailers are hoping a strong shopping season will allow them to finish with a flourish after a bruising 2015.
The Indianapolis-based appliance and electronics retailer on Thursday reported a loss of $10.1 million on shrinking sales.
Dennis May has been at the helm of the electronics and appliance retailer since 2010 and has seen sales of televisions swoon. But expanding into furniture and high-end appliances might help right the ship.
Indianapolis-based HHGregg Inc. a specialty retailer of consumer electronics and home appliances, operates 227 stores in 20 states.
The retailer reported another lackluster quarter with sales dips in every category except home products. But its shares shot up in trading because the results were better than expected.
The complaint charged the Indianapolis-based retailer failed to factor a $40 million life insurance payout into the calculation for employee bonuses. The ruling potentially could lead to millions of dollars in damages.
The struggling appliance and consumer electronics retailer, must be suffering from a bout of buyer’s remorse these days after plowing more than $150 million into share repurchases over the past four fiscal years.
HHGregg Inc. has tried for four years to reverse sliding sales. That hasn’t worked, and now executives have turned their focus to slashing expenses in a quest to return to profitability next year.
The Indianapolis-based appliance and electronics retailer on Friday posted a quarterly loss of $25.2 million as sales for store locations open at least a year declined 10 percent.
