Electronics retailer hhgregg files for bankruptcy

Appliances and electronics retailer hhgregg and its Gregg Appliances unit filed for bankruptcy protection after the retail chains struggled with declining sales for about four years.

Last week, hhgregg announced it plans to shut 88 stores, including 15 in Florida, though the Bradenton and Sarasota locations will remain open. The company said its stores would operate normally throughout the restructuring process.

The bankruptcy action is the latest indicator of the pressure on many retail chains facing online competition.

Hhgregg said it expected to emerge from the bankruptcy process in about 60 days.

“Through these strategic steps, we plan to come out of this debt free and more agile as we serve our valued customers and vendor partners,” CEO Robert Riesbeck said in a statement.

The Bradenton hhgregg is located at 4495 14th St. W., in the Cortez Plaza.

The Sarasota location is at 5511 Fruitville Road.

The 15 stores that are closing in Florida: Aventura, Boca Raton, Florida Mall in Orlando, Fort Lauderdale, Gainesville, Hialeah, Homestead, Kendall, Pembroke Pines, Pensacola, Pinecrest, Sawgrass in Plantation, Treasure Coast Mall in Jensen Beach, Wellington and West Palm Beach.

This story was originally published March 7, 2017 at 10:55 AM with the headline "Electronics retailer hhgregg files for bankruptcy."