HHGregg reportedly preparing to file for bankruptcy

HHGregg has 12 South Florida stores.
HHGregg has 12 South Florida stores.

HHGregg Inc., a struggling retailer of appliances and electronic products, is preparing to file for bankruptcy, Bloomberg News reported.

HHGregg has 12 of its 220 stores in South Florida including five in Miami-Dade County, three in Broward County and four in Palm Beach County, according to the company’s website.

The company would join such retailers as Limited Stores and Wet Seal in seeking bankruptcy protection from creditors.

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HHGregg announced Feb. 15 that it retained Stifel, Nicholas & Co. and Miller Buckfire & Co. to identify strategies for improving liquidity and reducing losses.

The brick-and-mortar retailer has been a money-loser in its last two fiscal years as online shopping has accelerated.

The New York Stock Exchange this month notified HHGregg that its stock price failed to meet the required for a listing on the exchange and that it could be delisted. [Bloomberg]Mike Seemuth