H. H. Gregg, Inc. is an electronics retailer and privately owned home appliance operated by individuals in the Midwest, Northeast and Southeast United States, operating stores in 20 countries including Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, and Virginia. Valor LLC buys the brand of the bankruptcy trustee of the company for $ 400,000 and in August 2017 revives as an online business. H.H. Gregg has closed all shops except stores in N.J. which is the last location they operate. Established at Princeton, Indiana in 1955, H. H. Gregg was based in Indianapolis, Indiana when stopped operating. His retail offerings include home entertainment videos and other selected audio, computer, and electronic devices; household appliances, such as refrigerators, ranges, dishwashers, freezers, washing machines and dryers; as well as other products and services, including mattresses. The company announced on November 24, 2008, that it will start selling popular game systems like Wii, Xbox 360 and PlayStation 3.
H. H. Gregg reported annual revenues of US $ 1.96 billion in fiscal year 2016.
On March 6, 2017, H. H. Gregg filed for Chapter 11 bankruptcy protection. The submission followed a decision to seal 88 unfavorable locations outside its core markets. The problem for H. H. Gregg continues and the Chapter 11 case is finally converted into Chapter 7 liquidation. The company announced on April 7, 2017, that it will also close all other stores (132 more than 88 previously announced closures) in the coming months and will lay off about 5,000 people.
Video H. H. Gregg
Histori
In 1955, a small storefront was founded by Henry Harold and Fansy Gregg on the north side of Indianapolis. The new store features home appliances such as washing machines, clothes dryers, refrigerators and toasters. Soon, they started selling television and other electronics.
In 1975, Jerry W. Throgmartin began working at his grandfather's shop while studying in high school. He finally made it through many positions there for the next 24 years, and in 1999, took over his father's position as Chairman, CEO, and Director of H. H. Gregg Appliances and Electronics.
Dennis L. May succeeded Throgmartin as President and Chief Executive Officer H. H. Gregg on February 17, 2009, and Throgmartin was appointed Chairman of the Board. Throgmartin died in January 2012.
Although the market trend has reduced the profit margins on high-tech devices, Throgmartin and May expanded its business to 125 stores in 9 countries in October 2009. Throgmartin said, "We are lucky because the strong [whole CE] business area is the area where we excel: Large-screen flat-screen TVs and home theater, and high-end equipment ".
On July 8, 2009, the company announced that it plans to open 22 stores in the following year, mainly in Richmond, Virginia, Tampa, Florida, and in Memphis, Tennessee, many of them in buildings previously occupied by the dead Circuit City. as part of an aggressive growth strategy to fill the gap created by the bankruptcy of Circuit City. In December 2009, construction began in several stores in central and eastern Pennsylvania, the first in the state. March 2010 brought the opening of the first stores in the Norfolk-Virginia Beach metro area, at the Circuit City and Linens' n Things location. In spring 2011, the company expanded into Youngstown, Ohio market with the opening of a shop on the outskirts of Youngstown Boardman. Ten stores opened in July 2011 in South Florida along the east coast from Miami to West Palm Beach.
In the fall of 2010, H. H. Gregg opened several stores in the former Circuit City locations in Maryland and Virginia. Also, at the end of 2010, hhgregg partnered with The Cellular Connection, a wholesale cell phone based in Indianapolis, to roll out a kiosk to sell Verizon Wireless products.
In March 2011, H. H. Gregg announced it would open a new location in Myrtle Beach, South Carolina, also at the site of the dead Circuit City. In June 2011, H. H. Gregg expanded the Pittsburgh market by opening four stores in the Pittsburgh metropolitan area. On September 15, 2011, 14 new stores opened in the Chicago area as well. In September 2012, H. H. Gregg opened four stores in St. Louis metropolitan area. Louis, Missouri.
In August 2012, H. H. Gregg made his debut in Wisconsin by opening stores in Appleton, Brown Deer, Greenfield, Green Bay, and Racine. In November 2012, entering Louisiana with shops in the metropolitan area of ​​New Orleans and in Baton Rouge.
The motto of the company is "Gregg's Got It!"
In February 2016, May resigned as CEO, and Robert Riesbeck was elected as interim CEO. In August 2016, Riesbeck was named permanent CEO. After a failed purchase offer, Riesbeck was disconnected along with CIO Tom Schuetz and Chief Merchandising Officer Aaron Trahan. Kevin Kovacs (CFO at the time) was appointed CEO and president effective June 7, 2017.
Maps H. H. Gregg
Bankruptcy
On March 6, 2017, H. H. Gregg filed for Chapter 11 bankruptcy. The submission followed closing 88 unfavorable locations outside the core market. Investment Partners BML, L.P. acquired at least 7.5% of the company on January 26, 2017. On February 15, 2017 the company announced that it was exploring "strategic alternatives", implicitly selling all or part of the business. On March 6, 2017, the bankrupt company filed a reorganization under Chapter 11. On March 16, 2017, the company announced that sales had not been completed. On April 7, 2017, the Chapter 11 case was changed to Chapter 7 of liquidation, and HH Gregg said it would close all 220 locations (88 stores previously announced to be closed, plus 132 other locations) and lay off about 5,000 employees. All stores are permanently closed on May 25, 2017.
Online return (2017)
In August 2017, the H. H. Gregg brand and intellectual property were purchased by Valor LLC, for $ 400,000, surpassing Sears Holdings' $ 350,000 bid. Announced in August the company will be revived as an online business with the possibility of opening several new brick-and-mortar hhgregg locations. There is a store in Somerset, New Jersey. H.H. The new Gregg is not affiliated with the last company out of business. Unfortunately for past customers there is no way to recover the records for their old purchases.
Fine Line
Fine Lines is the H. H. Gregg division which was introduced on November 1, 2004. Each of its ten stores offers over 18,000 square feet (1,700 m 2 ) of the premium equipment range. Products and brands vary by location. There are eleven Fine Line locations.
Stock
H. H. Gregg has an initial public offering on July 20, 2007, for US $ 13.72 and traded on the New York Stock Exchange with a ticker HGG symbol.
On February 27, 2017, it was announced that the NYSE halted the HGG trade in preparation for removal. HGG shares are officially removed on March 27, 2017.
Sponsors
On December 17, 2007, H. H. Gregg signed as one of the 14 founding partner companies for Lucas Oil Stadium, home of the Indianapolis Colts NFL. The H. H. Gregg deal gives them the right to advertise at the southern gate and showcase many of their large flat panel televisions. The southern gateway is also home to a new H. H. Gregg showroom of 26,000 square feet (2,400 m 2 ).
From late 2016 until the close of the company, H. H. Gregg sponsored several drivers on the Andretti Autosport team. They sponsor Carlos MuÃÆ' Â ± oz and Marco Andretti. They are scheduled to become Andretti's full-time sponsor by 2017, and sponsor them at St. Petersburg. When the company closes, the team removes their logo on their car, even though the logo stays on fire. When Takuma Sato won the Indianapolis 500 2017, the company logo was still visible on the left chest of her outfit even though H. H. Gregg had been closed three days before the race.
References
External links
Media related to H. H. Gregg in Wikimedia Commons
- Official website
Source of the article : Wikipedia
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