The going-out-of-business sales start this weekend at HHGregg.
The bankrupt retailer is planning to begin liquidating its assets Saturday after failing to find a buyer by its Friday deadline. The company expects to close all of its 220 stores by the end of May, resulting in about 5,000 layoffs across the U.S.
HHGregg CEO Bob Riesbeck in a statement said the company has "continued to fight for the future" since March 6 when it filed for Chapter 11 bankruptcy protection.
"While we had discussions with more than 50 private equity firms, strategic buyers and other investors, unfortunately, we were unsuccessful in our plan to secure a viable buyer of the business on a going-concern basis within the expedited timeline set by our creditors," Riesbeck said.
A company spokeswoman said Riesbeck was not available for an interview.
The liquidation process means HHGregg customers only have a few weeks left to use gift cards and return previously purchased items. Customers who want to make returns could end up being disappointed. The company, citing its bankruptcy process, is limiting returns on items bought before March 6 to $2,850 — a fraction of the cost of many high-ticket appliances and televisions.
The liquidation ends a 62-year run for HHGregg, which is headquartered on 96th Street. The company was founded by Henry Harold Gregg and his wife, Fansy.