H. H. Gregg, Inc. (stylized as hhgregg, inc.) was an American privately owned and operated retailer of consumer electronics and home appliances in the Midwest, Northeast, and Southeast United States, that operated stores in 20 states including Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, and Virginia. Valor LLC purchased the brand from the company's bankruptcy trustee for $400,000 and in August 2017 revived it as an online business. H.H. Gregg has closed all stores except for the one in N.J. which is their last location operating. Founded in Princeton, Indiana in 1955, H. H. Gregg was headquartered in Indianapolis, Indiana when it ceased operating. Its retail offerings included home entertainment video and audio products, computers, and other selected consumer electronics; home appliances, such as refrigerators, ranges, dishwashers, freezers, washers, and dryers; and other products and services, including mattresses. The company announced on November 24, 2008, that they would begin selling popular gaming systems such as Wii, Xbox 360 and PlayStation 3.
H. H. Gregg reported an annual revenue of US$ 1.96 billion in fiscal year 2016.
On March 6, 2017, H. H. Gregg filed for Chapter 11 bankruptcy protection. The filing followed the decision to close 88 unprofitable locations outside of its core markets. Troubles for H. H. Gregg continued and the Chapter 11 case was ultimately converted to Chapter 7 liquidation. The company announced on April 7, 2017, that it would also close all of its other stores (132 more than the 88 previously announced closures) in the coming months and would lay off about 5,000 people.
Video H. H. Gregg
History
In 1955, a small storefront was erected by Henry Harold and Fansy Gregg on the north side of Indianapolis. The new store featured home appliances such as washing machines, clothes dryers, refrigerators, and grills. Shortly thereafter, they began selling televisions and other electronics.
In 1975, Jerry W. Throgmartin began working in his grandfather's store while attending middle school. He eventually worked his way through many positions there over the next 24 years, and in 1999, took over his father's position as Chairman, CEO, and Director of H. H. Gregg Appliances and Electronics.
Dennis L. May succeeded Throgmartin as H. H. Gregg's President and Chief Executive Officer on February 17, 2009, and Throgmartin was named Executive Chairman of the Board. Throgmartin died in January 2012.
Despite market trends that have diminished profit margins on high-tech devices, Throgmartin and May expanded the business to 125 stores in 9 states as of October 2009. Throgmartin said, "We've been fortunate in that the areas of the [overall CE] business that have been strong are the areas in which we excel: high-end large-screen flat-panel TVs and home theater, and higher-end appliances".
On July 8, 2009, the company announced that it planned to open 22 stores in the following year, primarily in Richmond, Virginia, Tampa, Florida, and in Memphis, Tennessee, many of them being in buildings formerly occupied by defunct Circuit City, as part of an aggressive growth strategy to fill the gap created by Circuit City's bankruptcy. In December 2009, construction began on several stores in the central and eastern parts of Pennsylvania, the first in the state. March 2010 brought the openings of the first stores in the Norfolk-Virginia Beach metro area, in converted Circuit City and Linens 'n Things locations. In Spring 2011, the company expanded into the Youngstown, Ohio market with the opening of a store in the Youngstown suburb Boardman. Ten stores opened in July 2011 in South Florida along the east coast from Miami to West Palm Beach.
In the fall of 2010, H. H. Gregg opened several stores in former Circuit City locations in Maryland and Virginia. Also, in late 2010, hhgregg partnered with The Cellular Connection, a cellular phone wholesaler based out of Indianapolis, to roll out kiosks to sell Verizon Wireless products.
In March 2011, H. H. Gregg announced it would open a new location in Myrtle Beach, South Carolina, also in the location of a defunct Circuit City. In June 2011, H. H. Gregg expanded into the Pittsburgh market with the opening of four stores in the Pittsburgh metropolitan area. On September 15, 2011, 14 new stores opened in the Chicago area as well. In September 2012, H. H. Gregg opened four stores in the St. Louis, Missouri metropolitan area.
In August 2012, H. H. Gregg made its debut in Wisconsin by opening stores in Appleton, Brown Deer, Greenfield, Green Bay, and Racine. In November 2012, it entered Louisiana with stores in the New Orleans metropolitan area and in Baton Rouge.
The company's motto was "Gregg's Got It!"
In February 2016, May resigned as CEO, and Robert Riesbeck was named interim CEO. In August 2016, Riesbeck was named the permanent CEO. After a buyout offer fell through, Riesbeck was terminated along with CIO Tom Schuetz and Chief Merchandising Officer Aaron Trahan. Kevin Kovacs (CFO at the time) was named CEO and president effective June 7, 2017.
Maps H. H. Gregg
Bankruptcy
On March 6, 2017, H. H. Gregg filed for Chapter 11 bankruptcy. The filing followed the closure of 88 unprofitable locations outside of its core markets. BML Investment Partners, L.P. acquired at least 7.5% of the company by January 26, 2017. On February 15, 2017 the company announced it was exploring "strategic alternatives", implicitly a sale of all or part of the business. On March 6, 2017, the bankrupt company filed for reorganization under Chapter 11. On March 16, 2017, the company announced that the sale had not been completed. On April 7, 2017, the Chapter 11 case was converted to Chapter 7 liquidation, and H.H. Gregg said it would close all 220 of its locations (the 88 stores previously announced to be closing, plus the other 132 locations) and lay off about 5,000 employees. All stores were closed permanently on May 25, 2017.
Online return (2017)
In August 2017, the H. H. Gregg brand and intellectual property was purchased by Valor LLC, for $400,000, topping a Sears Holdings bid of $350,000. It was announced in August the company would be revived as an online business with the possibility of opening some new hhgregg brick-and-mortar locations.. There is a store in Somerset, New Jersey. The new H.H. Gregg is not affiliated with the last company that went out of business. Unfortunately for past customers there is no way to recover records for their old purchases.
Fine Lines
Fine Lines was a division of H. H. Gregg that was introduced November 1, 2004. Each of its ten stores offered over 18,000 square feet (1,700 m2) of premium lines of appliances. Products and brands varied by location. There were eleven Fine Lines locations.
Stock
H. H. Gregg had its initial public offering on July 20, 2007, at US$13.72 and was traded on the New York Stock Exchange under the ticker symbol HGG.
On February 27, 2017, it was announced that the NYSE suspended trading of HGG in preparation for delisting. HGG shares were formally delisted on March 27, 2017.
Sponsorships
On December 17, 2007, H. H. Gregg signed as one of 14 founding corporate partners for the Lucas Oil Stadium, home of the NFL's Indianapolis Colts. H. H. Gregg's deal earned them rights to advertise in the south gate and display many of their large, flat panel televisions. The south gate was also home to a new 26,000-square-foot (2,400 m2) H. H. Gregg showroom.
From late 2016 until the company's closing, H. H. Gregg sponsored several drivers on the Andretti Autosport team. They sponsored Carlos Muñoz and Marco Andretti. They were slated to become the full-time sponsor of Andretti in 2017, and sponsored them at St. Petersburg. When the company closed, the team removed their logos on their cars, although the logo remained on the firesuits. When Takuma Sato won the 2017 Indianapolis 500, the company logos were still seen on the left breast of his firesuit though H. H. Gregg had closed three days prior to the race.
References
External links
Media related to H. H. Gregg at Wikimedia Commons
- Official website
Source of article : Wikipedia
0 Comments