HHGregg Said to Prepare for Bankruptcy as Soon as Next Month
- Move would follow two years of losses, difficult Christmas
- Company recently hired advisers to mull strategic alternatives
Brad Plott prepares merchandise on the sales floor at an hhgregg store on August 22, 2011 in Niles, Illinois. T
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HHGregg Inc., the 61-year-old seller of appliances and electronics, is preparing to file for bankruptcy as it grapples with slumping sales, according to people familiar with the matter.
The filing may come as soon as next month, said the people, who asked not to be identified because the matter isn’t public. The Indianapolis-based company announced last week that it was pursuing a range of strategic and financial options. HHGregg is still seeking an out-of-court solution that would allow it to stave off Chapter 11, one of the people said.