Report: Electronics Retailer Hhgregg Could File for March Bankruptcy

Retail Reuters

Appliances and electronics retailer hhgregg Inc is preparing to file for bankruptcy as soon as next month, Bloomberg reported on Friday.

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The retailer is still seeking an out-of-court solution that would help it prevent filing a Chapter 11, Bloomberg reported, citing people familiar with the matter. (http://bloom.bg/2kS4j3E)

Hhgregg's sales have fallen for 14 quarters in a row as it struggles to cope with intense competition.

The company said on Feb. 15 it was pursuing a range of strategic alternatives.

The Indianapolis, Indiana-based company's stock has lost more than three-fourth of its value in the last 12 months. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Savio D'Souza)