HHGregg, once a prominent electronics and home appliance retailer in the United States, has faced significant challenges over the years. The company, which was founded in 1955, grew to operate over 220 stores across 19 states at its peak. However, like many brick-and-mortar retailers, HHGregg struggled to compete with the rise of e-commerce and shifting consumer preferences.
Is HHGregg still in business? No, HHGregg is no longer in business as a physical retail chain. The company filed for Chapter 11 bankruptcy in March 2017 and subsequently announced the closure of all its stores. By May 2017, HHGregg had liquidated its assets and ceased all physical retail operations. While the brand name was later acquired by a holding company, it now exists only as an online entity without any physical store presence.
History of HHGregg
HHGregg was founded by Henry Harold Gregg and his wife Fansy Gregg in 1955 in Indianapolis, Indiana. Initially, the store sold home appliances such as washing machines and refrigerators. Over the decades, the company expanded its product offerings to include electronics, computers, and home entertainment systems. HHGregg’s growth was marked by its customer-centric approach and competitive pricing, which helped it gain a loyal customer base.
In the early 2000s, HHGregg embarked on an aggressive expansion plan, opening new stores in various states. However, this rapid expansion came at a cost. The company faced increased competition from online retailers and big-box stores, which offered more convenience and often better prices. Despite efforts to modernize and adapt to the changing retail landscape, HHGregg’s financial performance continued to decline.
Bankruptcy and Closure
By 2017, HHGregg was grappling with mounting debts and declining sales. In March of that year, the company filed for Chapter 11 bankruptcy protection, hoping to restructure its operations and emerge as a leaner, more competitive entity. Unfortunately, these efforts proved unsuccessful. In April 2017, HHGregg announced that it would close all 220 of its remaining stores and lay off approximately 5,000 employees. The liquidation process was completed by May 2017, marking the end of HHGregg’s presence as a physical retailer.
Following the closure of its stores, HHGregg’s brand name and intellectual property were acquired by Valor Group LLC, a holding company. Valor Group relaunched HHGregg as an online-only retailer, focusing on selling electronics and home appliances through its website. However, the online business has not reached the same level of prominence or market share that the physical stores once held.
HHGregg’s story is a cautionary tale for traditional retailers in the digital age. The company’s inability to adapt to the rapidly changing retail environment ultimately led to its downfall. While the HHGregg name still exists online, it serves as a reminder of the challenges faced by brick-and-mortar stores in an increasingly digital world.