Myrtle Beach’s HHGregg store begins slashing prices as closing looms

The Myrtle Beach HHGregg store began its going-out-business sales Saturday, after the electronics, appliances and furniture chain announced that all of its 220 stores are expected to close after the company declared bankruptcy and a deal to sell its assets fell through.

According to the IndyStar, the retailer is expecting every store to be closed by the end of May, which would result in about 5,000 layoffs across the United States.

The area’s lone HHGregg, located at 550 Seaboard St., began putting up sale signs Saturday, according to a store associate. Workers were seen on sidewalks around the shopping center with closing signs advertising up to 30 percent off, and going-out-of business signs were on windows of the store.

The retailer moved to Myrtle Beach in 2011.

“While we had discussions with more than 50 private equity firms, strategic buyers and other investors, unfortunately, we were unsuccessful in our plan to secure a viable buyer of the business on a going-concern basis within the expedited timeline set by our creditors,” HHGregg CEO Bob Riesbeck said in a statement to the IndyStar.

According to a press release from the retailer released on March 16, “the Company has terminated its previously announced nonbinding term sheet with an anonymous party to purchase substantially all of the assets of the Company through a reorganization under Chapter 11 of the United States Bankruptcy Code because the Company was unable to reach a definitive agreement on terms.”

During this time, the 62-year-old company announced that 88 stores would be closing.

The beginning of the liquidation process means that customers have a limited time to use gift cards and return unwanted items.

An exact closing date for the Myrtle Beach store is unknown at this time.

The HHGregg in 2011 took over the building previously occupied by Circuit City, which closed in 2009 along with the rest of the chain’s stores.

This story was originally published April 8, 2017 at 4:25 PM with the headline "Myrtle Beach’s HHGregg store begins slashing prices as closing looms."