Consumer electronics retailer to close all stores
The going-out-of-business sales have started at Hhgregg.
The bankrupt retailer began liquidating its assets on Saturday, April 8, after failing to find a buyer. The chain said it expects to close all of its 220 stores by the end of May.
“Since filing for financial protection under Chapter 11 of the Bankruptcy code on March 6, 2017, we have continued to fight for the future of our company,” said Bob Riesbeck, president and CEO, Hhgregg. “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.”
Based in Indianapolis, Hhgregg was founded in 1955 by Henry Harold Gregg. It has reported losses for the past two years, challenged by online competition and discounters.
The retailer said it entered into a consulting agreement with a contractual joint venture comprised of Tiger Capital Group, LLC and Great American Group to conduct a sale of the merchandise and furniture, fixtures and equipment located at Hhgreggg’s stores and distribution centers.
No credit card, no debit card? No problem, says Amazon
Amazon has launched a new way for customers to shop its site without using a bank card or credit card.
Called Amazon Cash, the service allows consumers to add cash to their Amazon.com balance by showing a barcode at a participating brick-and-mortar store, with the cash then applied immediately to the consumer’s online Amazon account. Notably, Walmart already offers a similar type of service for customers without a credit or debit card, as does PayPal.
The initial retail partners for the service are CVS Pharmacy, Speedway, Sheetz, Kum & Go, D&W Fresh Market, Family Fare Supermarkets, and VG’s Grocery. Other stores will be added in the future, according to Amazon.
Prior to Amazon Cash, which has no fee, consumers who wanted to shop on Amazon without a bank or debit card had to buy gift cards or prepaid debit cards.
To use the service, customers show their barcode to the store cashier, and tell them how much cash they want to apply to their Amazon account. The cashier then scans the barcode and the customer pays with their cash.