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)