Electronics retailer hhgregg is going out of business

Indianapolis: Consumer electronics chain hhgregg Inc. is going out of business and shutting down all its stores. The Indianapolis company said Friday that it will liquidate its assets after failing to find a buyer for the business. It filed for bankruptcy protection in March. Founded in 1955, the retailer had 220 stores in 19 states selling major appliances such as washers and TVs, as well as computers and home theatre systems. As of May last year, it had about 5,000 employees. Just days before announcing its bankruptcy protection filing last month, hhgregg said it planned to trim down by closing three distribution centres and 88 stores. But the move was not enough to salvage the chain.