HHGregg, Inc. (OTC Pink: HGGG) is engaged as an electronics retailer. Shares of the retailer are diving 43.48%, through early trading on Tuesday, February 28, 2017. Over the past month, HHGregg, Inc. has seen average daily volume of 512,704 shares. However, volume of 496,648 shares or dollar volume of $64,564, has already exchanged hands on Tuesday.
Shares of HHGregg, Inc. are collapsing on Tuesday, after the company was recently delisted from the NYSE and serious concerns over a potential bankruptcy within the next month. HHGregg, Inc. appears to be just the latest casualty in the retail industry’s rollover. As consumers change their habits, retailers are left in the past and are increasingly facing tough financial situations. Here is a news article that details of the recent bankruptcy rumors for HHGregg, Inc.:
HHGregg, Inc. News Article:
Appliance and electronics store HH Gregg is preparing to file for bankruptcy, Bloomberg News reports.
The 61-year-old Indianapolis-based company could seek Chapter 11 protection as soon as next month. The move comes after company officials announced last week they was pursuing a variety of options in an effort to solve the chain’s financial crisis.
HHGregg, Inc. hasn’t confirmed the bankruptcy reports.
“We’re focused on continuing to execute our business strategy, as planned, and returning this company to profitability,” Chief Executive Officer Robert Riesbeck said.
The company has reported two years of losses and falling holiday sales. About 3,700 people are employed by the chain.
The move would be just the latest in a series of high-profile bankruptcies in the last year, including filings by The Limited and Wet Seal. Other traditional retailers, including Kmart, JC Penney and Sears, have recently announced multiple store closings.