Spectre Brands

GhostAppliances and electronics superstores · Indianapolis, Indiana

hhgregg

Founded in Indianapolis on April 15, 1955. Liquidation began Apr 8, 2017.

It sold the big televisions of the 2000s with commissioned salespeople and next-day delivery. Then the televisions got cheap.

Why ghost: Every store was liquidated from April 2017, but a company called Valor LLC bought the name for $400,000 that summer, and hhgregg.com was still trading as an online electronics shop when we loaded it in October 2026.101315

hhgregg store front with a magenta sign and yellow trim
An hhgregg store in Gainesville, Florida, December 2008. Photo: William M, Wikimedia Commons, CC BY-SA 3.0.Photo: William M at en.wikipedia, via Wikimedia Commons, CC BY-SA 3.0.
hhgregg appliances and electronics store front in Miami
The Miami store on March 4, 2017, two days after the company announced it would close 88 stores. Photo: Phillip Pessar, Wikimedia Commons, CC BY 2.0.Photo: Phillip Pessar, via Wikimedia Commons, CC BY 2.0.

hhgregg began as Henry and Fansy Gregg’s appliance store in Indianapolis. Private-equity owners recapitalized it in 2005 and took it public in 2007 with 79 stores, most of its sales in “premium video products.” It expanded to 228 stores and nearly $2.5 billion in sales by 2012, while sales at its established stores fell year after year. It spent its last years trying to become an appliance and furniture store instead. In early 2017 it closed 88 stores, filed for Chapter 11 and, when no buyer came, liquidated the rest. This page is built from its SEC filings and press releases and from local and trade press.

The chain in four numbers

228
stores at the peak, from fiscal 2013 to 2015, up from 91 in fiscal 200823
$2.49B
net sales in fiscal 2012, the best year, with $81.4M of net income2
$187.6M
lost in fiscal 2015 and 2016 together (derived)3
$400K
paid for the name, website and customer files after the liquidation13

Key findings

  1. Its sales were built on television. At the 2007 offering it described itself as a retailer of “premium video products.” In fiscal 2012 video was still 43% of sales and appliances 37%.12
  2. It grew as its stores got worse. Comparable-store sales fell every year from fiscal 2009 to 2016, while the chain grew from 91 stores to 228.23
  3. The turn to appliances came late. By fiscal 2016 appliances were 53% of sales. In the holiday quarter of 2016 sales fell 23.7% and the chief executive blamed “competitive pressures in the market, specifically in consumer electronics.”34
  4. Lenders set the timetable. The company said it had talked to more than 50 possible buyers, but could not find one “within the expedited timeline set by our creditors.”10

The story

From the appliance store on Keystone Avenue to 228 superstores

hhgregg spent fifty years as a regional appliance dealer and ten as a national-scale electronics chain. The second decade undid the first.

Chapter 1 of 5

1955

the year Henry Harold Gregg and his wife, Fansy, founded the company in Indianapolis

An hhgregg store with a magenta sign over a yellow canopy
An hhgregg store in Gainesville, Florida, photographed in December 2008. Photo: William M at en.wikipedia, via Wikimedia Commons, CC BY-SA 3.0.

1955 – 2005 · A family dealer

Henry and Fansy Gregg’s store

The company was founded on April 15, 1955 in Indianapolis by Henry Harold Gregg and his wife, Fansy.11 By the time it prepared to go public it was run by Jerry W. Throgmartin, its chairman and chief executive, and sold “premium video products, brand name appliances, audio products and accessories” through a commissioned sales force, with same-day delivery of “virtually all” of its products.1

In February 2005 the private-equity firm Freeman Spogli recapitalized the company: its vehicle put in $111.2M of equity, and about $286.4M was paid to the existing shareholders.1

Chapter 2 of 5

$13.00

a share at the initial public offering, July 2007

Commercial · 2010hhgregg “Christmas in July” commercial A summer sale spot from the expansion years, when the chain went from 131 to 173 stores.2 The 2010 date is the uploader’s. Watch on YouTube

2007 – 2012 · The flat-screen years

79 stores to 208, on big-screen televisions

The initial public offering in July 2007 sold 9,375,000 shares at $13.00, 3,750,000 of them new.1 The company then had 79 stores in eight states, from Ohio to Alabama, averaging about 30,000 square feet.1

It opened stores quickly. The count rose from 91 at the end of fiscal 2008 to 208 at the end of fiscal 2012, and sales doubled to $2.49B, with net income of $81.4M.2 But the figure that mattered was going the other way. Comparable-store sales fell 8.3% in fiscal 2009, 6.6% in 2010, 4.0% in 2011 and 1.1% in 2012. New stores were covering for older ones.2

Chapter 3 of 5

−9.2%

comparable-store sales in fiscal 2015, the worst year before the end

Original illustration of a flat-screen television with a falling price tag. The prices are not real.

2012 – 2016 · The squeeze

Eight years of shrinking comparable sales

The chain reached 228 stores in fiscal 2013 and stopped growing. Sales fell from $2.47B that year to $1.96B in fiscal 2016, and the company lost $132.7M in fiscal 2015, including $47.9M of store impairments, and $54.9M in fiscal 2016.3

It tried to change what it sold. In fiscal 2012 video products had been 43% of sales; by fiscal 2016 appliances were 53%, consumer electronics 36%, furniture and mattresses 6% and computers 5%.23 At the end of fiscal 2016 it had about 5,100 employees.3

Chapter 4 of 5

−23.7%

net sales in the quarter to December 31, 2016, against a year earlier

News segment · 2017WTHR: hhgregg files for Chapter 11, finds buyer Indianapolis station WTHR on the March 6, 2017 filing, when the company said it had a buyer lined up.8 Watch on YouTube

Jan – Mar 2017 · The last holiday

A 23.7% drop, a delisting and Chapter 11

In the 2016 holiday quarter sales fell 23.7% to $453M and comparable-store sales 22.2%. Chief executive Robert Riesbeck blamed “competitive pressures in the market, specifically in consumer electronics,” and a troubled move to a new distribution centre.4 The company lost $83.9M in the nine months.4

The New York Stock Exchange warned on January 31, 2017 that its market value and equity were too small, and suspended trading on February 27.56 On February 23 the board approved closing 88 stores, with about $190M of lease obligations attached.7 On March 6 the company filed for Chapter 11 in the Southern District of Indiana, saying it had signed a term sheet with an unnamed buyer and expected a “quick and smooth process.”8

Chapter 5 of 5

$400K

paid by Valor LLC for the hhgregg name and customer files

An hhgregg appliances and electronics store in a Miami shopping centre
The Miami store on March 4, 2017. Photo: Phillip Pessar, via Wikimedia Commons, CC BY 2.0.

Apr 2017 – today · Liquidation and a name for sale

132 stores sold off, the name for $400,000

The buyer did not materialize. On March 29 the company signed up Tiger Capital Group and Great American Group to sell the stock in its 132 remaining stores if no going-concern bid arrived by April 7.9 None did. The court approved the liquidation and the sales began on April 8, 2017. “We had discussions with more than 50 private equity firms, strategic buyers, and other investors,” Riesbeck said.10 The company said it did not expect any value to be left for shareholders.10

The name, website and a database of more than 16 million customer files were put up for sale.12 At an auction in June, Valor LLC paid $400,000, beating Sears Holdings’ $350,000.13 By August hhgregg.com was back online, selling Apple watches and promising a grand reopening; the new owner had no connection with the old company.14

Timeline

Sixty-two years, 24 moments

From one appliance store to a chain of 228, and from a bankruptcy to a website under new owners. Filter by thread.

All 24 events as a list
  1. Apr 151955
    Stores

    The first store

    Henry Harold Gregg and his wife, Fansy, found the company in Indianapolis.11

  2. Feb 32005
    Money

    Private equity arrives

    Freeman Spogli recapitalizes the company, putting in $111.2M of equity; about $286.4M goes to existing shareholders.1

  3. Jul 202007
    Money

    Public at $13

    The IPO sells 9,375,000 shares at $13.00 on the NYSE. The company has 79 stores in eight states.1

  4. 2008
    Stores

    91 stores

    Fiscal 2008 ends with 91 stores, $1.26B of sales and comparable-store sales up 4.8%.2

  5. 2009
    Stores

    Comparable sales turn

    Comparable-store sales fall 8.3% in fiscal 2009, the first of eight straight declines.2

  6. 2010
    Stores

    131 stores

    Fiscal 2010 ends with 131 stores and $1.53B of sales.2

  7. 2011
    Stores

    173 stores

    Sales pass $2B in fiscal 2011.2

  8. 2012
    Money

    The peak

    Fiscal 2012: $2.49B of sales, $81.4M of net income, 208 stores. Video products are 43% of sales.2

  9. 2013
    Stores

    228 stores

    The chain reaches 228 stores; comparable-store sales fall 8.7%.3

  10. 2014
    Money

    Break-even

    Net income falls to $0.2M on $2.34B of sales.3

  11. 2015
    Money

    A $132.7M loss

    Fiscal 2015 includes $47.9M of store impairments; comparable-store sales fall 9.2%.3

  12. 2016
    Stores

    Appliances first

    In fiscal 2016 appliances are 53% of sales; the company loses $54.9M and has about 5,100 employees.3

  13. Jan 262017
    Money

    A bad Christmas

    Holiday-quarter sales fall 23.7%; the nine-month loss is $83.9M. The chain has 220 stores.4

  14. Jan 312017
    Bankruptcy & end

    NYSE warning

    The exchange says the company’s market value and equity are below its minimum.5

  15. Feb 232017
    Stores

    88 stores to close

    The board approves closing 88 stores and three distribution centres.7

  16. Feb 272017
    Bankruptcy & end

    Trading suspended

    The NYSE suspends trading and starts delisting proceedings.6

  17. Mar 62017
    Bankruptcy & end

    Chapter 11

    hhgregg files in the Southern District of Indiana, saying it has a term sheet with an unnamed buyer.8

  18. Mar 292017
    Bankruptcy & end

    Liquidators on standby

    A consulting agreement with Tiger Capital and Great American covers the 132 remaining stores if no bid arrives.9

  19. Apr 82017
    Bankruptcy & end

    Liquidation begins

    No going-concern buyer is found; the court approves the liquidation and the sales start.10

  20. May 232017
    Corporate

    The name for sale

    Hilco Streambank is hired to sell the brand, the website and over 16 million customer files.12

  21. Jun2017
    Corporate

    Sold for $400,000

    Valor LLC buys the name and data at auction, outbidding Sears Holdings’ $350,000.13

  22. Aug2017
    Corporate

    The website returns

    hhgregg.com comes back online under Valor, selling Apple watches.14

  23. Dec 52024
    Bankruptcy & end

    Deregistered

    The old company files to end its SEC registration.16

  24. Oct2026
    Corporate

    Still online

    hhgregg.com trades as an online electronics shop.15

The money

Growth on the outside, decline on the inside

hhgregg’s fiscal year ended March 31; “fiscal 2012” is the year to March 31, 2012. All figures are from its annual reports and press releases on EDGAR. It filed no annual report for fiscal 2017.

Stores: 79 to 228 to none

Stores open at fiscal year end, and at the dates of the last reports.

0100200300IPO ’07FY09FY11FY13FY15Dec ’16May ’1712340100200300IPO ’07FY10FY13FY16May ’171234
  1. IPO ’07 · the IPO 79 stores in eight states.1
  2. FY13 · the peak 228 stores, held for three years.3
  3. Apr ’17 · 88 closed 132 stores left after the February closing plan.79
  4. May ’17 · liquidation All remaining stores were to close by the end of May 2017.11
Data table
Stores: 79 to 228 to none
Not evenly spacedStores
IPO ’0779
FY0891
FY09110
FY10131
FY11173
FY12208
FY13228
FY14228
FY15228
FY16226
Dec ’16220
Apr ’17132
May ’170
Prospectus1, annual reports23, third-quarter release4, closing plan and consulting agreement79. The final zero is the liquidation announced for April–May 2017; we have no date for the last store.

Net sales and net income

$ millions, fiscal years ended March 31.

Data table
Net sales and net income (Net sales)
PeriodNet sales ($M)
FY08$1256.7M
FY09$1396.7M
FY10$1534.3M
FY11$2077.7M
FY12$2493.4M
FY13$2474.8M
FY14$2338.6M
FY15$2129.4M
FY16$1960M
Data table
Net sales and net income (Net income)
PeriodNet income or loss ($M)
FY08$21.4M
FY09$36.5M
FY10$39.2M
FY11$48.2M
FY12$81.4M
FY13$25.4M
FY14$0.2M
FY15$-132.7M
FY16$-54.9M
Annual reports for fiscal 20122 and 20163. Rounded from thousands.

Comparable-store sales, year by year

Change in sales at stores open at least 14 months, against the year before.

FY08
4.8%
FY09
-8.3%
FY10
-6.6%
FY11
-4.0%
FY12
-1.1%
FY13
-8.7%
FY14
-7.3%
FY15
-9.2%
FY16
-7.7%
Q3 FY17
-22.2%
Quarter to Dec 31, 2016 only
Data table
Comparable-store sales, year by year
Fiscal yearChangeNote
FY084.8%
FY09-8.3%
FY10-6.6%
FY11-4.0%
FY12-1.1%
FY13-8.7%
FY14-7.3%
FY15-9.2%
FY16-7.7%
Q3 FY17-22.2%Quarter to Dec 31, 2016 only
Annual reports23 and the third-quarter release4.

What it sold, fiscal 2012

Share of net sales by category in the best year.

  1. 43%Video products
  2. 37%Home appliances
  3. 9%Computing and mobile phones
  4. 11%Other products and services
Data table
What it sold, fiscal 2012
ItemShare
Video products43%
Home appliances37%
Computing and mobile phones9%
Other products and services11%
Annual report for fiscal 2012.2

What it sold, fiscal 2016

After the turn to appliances and furniture.

  1. 53%Home appliances
  2. 36%Consumer electronics
  3. 6%Home products (furniture, mattresses)
  4. 5%Computers and tablets
Data table
What it sold, fiscal 2016
ItemShare
Home appliances53%
Consumer electronics36%
Home products (furniture, mattresses)6%
Computers and tablets5%
Annual report for fiscal 2016.3

The last quarter it reported

$453M
net sales in the quarter to December 31, 2016, down 23.7%4
22.0%
gross margin, against 26.1% a year earlier4
$58.3M
net loss in the quarter4
220
stores open at December 31, 20164
Third-quarter fiscal 2017 press release.4
hhgregg appliances and electronics store front, Miami
Mar 4, 2017 Miami, two days before the Chapter 11 filing.8Photo: Phillip Pessar, via Wikimedia Commons, CC BY 2.0.

Part 3 of 6

Brand

Commercials & footage · Brand gallery

Commercials & footage

Christmas in July, then going out of business

hhgregg advertised heavily on local television. These are its spots as uploaded by viewers, its agency and the company itself, and Indianapolis news coverage of the end. Where a date comes only from the uploader, the caption says so.

Commercial · 2010hhgregg “Christmas in July” commercial A summer sale spot from the expansion years, when the chain went from 131 to 173 stores.2 The 2010 date is the uploader’s. Watch on YouTube
Commercial · 2016hhgregg “I’m Stuffed” commercial A spot uploaded by Hinge, the agency that posted several hhgregg campaigns. The upload is about seven years old; the air date is not given, and the year shown is approximate. Watch on YouTube
News segment · 2017WTHR: hhgregg files for Chapter 11, finds buyer Indianapolis station WTHR on the March 6, 2017 filing, when the company said it had a buyer lined up.8 Watch on YouTube
Commercial · 2017hhgregg: “Going out of business — total liquidation” The liquidation advertisement, uploaded to the company’s own YouTube channel. The sales began on April 8, 2017.10 Watch on YouTube
News segment · 2017WRTV: hhgregg liquidation begins Local news from Indianapolis as the closing sales started in April 2017.10 Watch on YouTube
Retrospective · 2018Company Man: The decline of hhgregg A popular retrospective. Embedded as commentary; no figure on this page is taken from it. The year is approximate, from the upload age YouTube shows. Watch on YouTube

Videos are embedded from the services that host them and load only when you press play. YouTube embeds use youtube-nocookie.com. Each video belongs to its uploader or rights holder and is shown here for commentary; we do not host any of the files.

The clippings

What they said at the time

Press (4)
We are pleased with our investments made to shift our focus to appliances and furniture.
Robert Riesbeck, chief executive, Jan 26, 20174
  1. hhgregg, press release, Mar 6, 20178

    We expect a quick and smooth process through Chapter 11.
  2. Robert Riesbeck, Apr 7, 201710

    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.
  3. Bisnow, Aug 24, 201714

    The rebooted HHGregg has nothing to do with the defunct Indianapolis chain.

Part 5 of 6

Verdict

Cause of death · What if · Afterlife

Cause of death

The autopsy

Tap a cause to see the evidence. The percentages are our editorial weighting. The evidence under each one is sourced.

Cause of death, by editorial weight

One square is one percentage point. The weights are our judgment, not a measurement.

  1. 35%Outcompeted in electronics
  2. 25%Expansion that hid the decline
  3. 20%A turnaround that ran out of time
  4. 20%Lenders’ deadlines
Data table
Cause of death, by editorial weight
CauseWeight
Outcompeted in electronics35%
Expansion that hid the decline25%
A turnaround that ran out of time20%
Lenders’ deadlines20%

Video products were 43% of sales in fiscal 2012.2 Comparable-store sales fell every year from fiscal 2009, and in the final holiday quarter the chief executive blamed “competitive pressures in the market, specifically in consumer electronics.”234

The chain more than doubled, from 91 stores at the end of fiscal 2008 to 228 in fiscal 2013, while comparable sales shrank each year. Total sales kept rising until fiscal 2012 only because of new stores.23 By 2015 and 2016 it was writing down stores: $47.9M and $20.9M of impairments.3

The shift to appliances, furniture and mattresses raised appliances to 53% of sales by fiscal 2016, but total sales still fell.3 A distribution-centre consolidation cost it $20M to $25M of sales in the last holiday quarter, by its own estimate.4

The company filed with a buyer’s term sheet and a $50M debtor-in-possession revolver plus a $30M term loan.817 It said it could not close a sale “within the expedited timeline set by our creditors.”10

Editorial judgment: The weights are our judgment of how much each factor contributed. Reasonable readers could weigh them differently.

The fork in the road

What if…

Three decisions where the story could have gone differently. The “What if” panels are speculation, labeled as such.

What happened

The chain grew from 91 to 228 stores in five years, while comparable-store sales fell every year.23

What if speculative

A smaller chain concentrated in its Midwest and Southeast home markets would have had fewer weak stores to write down and more cash when the turn to appliances began. It would still have faced the same pressure on television prices.

What happened

Appliances were 37% of sales in fiscal 2012 and 53% in fiscal 2016.23

What if speculative

Appliances need delivery and installation, which suited the chain’s commissioned staff and delivery fleet.1 Making the switch five years earlier might have kept it in the business that its founders started.

What happened

The company filed in March 2017 and was liquidating within five weeks.810

What if speculative

With more time, some of the 132 stores might have been sold as a going concern, as the company had hoped. Whether a buyer would have paid more than the liquidators is unknowable.

Where are they now

The afterlife

hhgregg

  1. The name

    Online

    Valor LLC bought the trademarks, domain names and customer files for $400,000 in June 2017.13 The site returned in August 2017, and in October 2026 hhgregg.com was trading as “HHgregg Electronics,” an online shop. We could not establish who runs it today.1415

  2. The stores

    Liquidated

    88 stores were closed from March 2017 under the February plan, and the remaining 132 were liquidated from April 8 by Tiger Capital Group and Great American Group.7910

  3. The shareholders

    Wiped out

    The company said in April 2017 that it did not expect any value to remain for holders of its common stock.10 The shares had been suspended from the NYSE on February 27.6

  4. The company

    Deregistered

    hhgregg, Inc. kept filing monthly reports with the SEC during the bankruptcy and ended its registration in December 2024, with 61 holders of record.16

Who owned the name

  1. 1955

    Henry and Fansy Gregg

    Found the company in Indianapolis.11

  2. Feb 2005

    Freeman Spogli and management

    Recapitalization.1

    $111.2M equity
  3. Jul 2007

    Public (NYSE: HGG)

    Initial public offering.1

    $13.00 a share
  4. Mar 2017

    hhgregg, in Chapter 11

    Files in the Southern District of Indiana.8

  5. Jun 2017

    Valor LLC

    Buys the name, domains and customer data at auction.13

    $400,000
Data table
Who owned the name
WhenOwnerWhat happenedPrice
1955Henry and Fansy GreggFound the company in Indianapolis.
Feb 2005Freeman Spogli and managementRecapitalization.$111.2M equity
Jul 2007Public (NYSE: HGG)Initial public offering.$13.00 a share
Mar 2017hhgregg, in Chapter 11Files in the Southern District of Indiana.
Jun 2017Valor LLCBuys the name, domains and customer data at auction.$400,000
SEC filings and Indianapolis Business Journal.1813

Sources & data notes

Show your work

hhgregg was a public company from 2007 to 2017, so the numbers come from its own SEC filings and press releases. The founding, the liquidation’s end and the fate of the name come from local and trade press. Every link was opened while this page was researched.

  1. hhgregg, Inc., prospectus (Form 424B4) for the initial public offering, SEC EDGAR, filed Jul 20, 2007.
  2. hhgregg, Inc., annual report (Form 10-K) for fiscal 2012, SEC EDGAR, filed May 23, 2012.
  3. hhgregg, Inc., annual report (Form 10-K) for fiscal 2016, SEC EDGAR, filed May 19, 2016.
  4. hhgregg, Inc., “hhgregg Announces Third Fiscal Quarter Operating Results”, press release (8-K exhibit 99.1), Jan 26, 2017.
  5. hhgregg, Inc., current report (Form 8-K) on the NYSE notice, SEC EDGAR, filed Feb 3, 2017.
  6. hhgregg, Inc., current report (Form 8-K) on the suspension of trading, SEC EDGAR, filed Feb 28, 2017.
  7. hhgregg, Inc., current report (Form 8-K) on the closing of 88 stores, SEC EDGAR, filed Mar 2, 2017.
  8. hhgregg, Inc., “hhgregg Files for Chapter 11 Reorganization”, press release (8-K exhibit), Mar 6, 2017.
  9. hhgregg, Inc., current report (Form 8-K) on the liquidation consulting agreement, SEC EDGAR, filed Mar 31, 2017.
  10. hhgregg, Inc., press release on the approval of the liquidation, (8-K exhibit 99.1), Apr 7, 2017.
  11. Katie Cox, “hhgregg to close all stores after failing to find a buyer”, KSHB 41 Kansas City, Apr 7, 2017.
  12. Hilco Streambank, “hhgregg Intellectual Property to be Sold by Hilco Streambank”, PR Newswire, May 23, 2017.
  13. “Right to use HHGregg’s name and other intellectual property fetches just $400,000”, Indianapolis Business Journal, Jul 6, 2017.
  14. Dees Stribling, “Defunct HHGregg Relaunches, Sort Of”, Bisnow, Aug 24, 2017.
  15. hhgregg.com, home page titled “HHGregg – HHgregg Electronics,” loaded Oct 8, 2026.
  16. hhgregg, Inc., Form 15 certification of termination of registration, SEC EDGAR, filed Dec 5, 2024.
  17. hhgregg, Inc., current report (Form 8-K) on the Chapter 11 filing and debtor-in-possession financing, SEC EDGAR, filed Mar 7, 2017.
Data notes (7)

Data notes

Derived: $187.6M lost in fiscal 2015 and 2016 is $132.746M + $54.879M.3 The card’s “8 straight years” counts fiscal 2009 to fiscal 2016, each with a comparable-store sales decline.23

Fiscal years: The fiscal year ended March 31. Store counts and sales for fiscal 2008–2012 are from the fiscal 2012 report; 2013–2016 from the fiscal 2016 report. They agree for fiscal 2012.

Conflicts: The company’s March and April 2017 releases give 220 stores in 19 states; Hilco Streambank’s May 2017 release says 229 locations; KSHB lists 20 states.81112 We use the company’s 220.

Not used: Layoff totals for the liquidation were reported in the press, but we could not open those articles from our research environment and leave them out. The company had about 5,100 employees at March 31, 2016.3

Unknown: The date the last store closed. What creditors recovered. Who operates hhgregg.com in 2026, and whether Valor LLC still owns the name. Hilco Streambank’s website says the new owner began reopening stores in 2019; we could not load that page and do not rely on it.

Videos: Air dates of the two commercials are the uploaders’ or approximate. The retrospective is embedded as commentary; no figure here is taken from it.

Images: Both photographs are from Wikimedia Commons under the licences in their credits. The colour swatches are approximations taken from the photographs. Drawings are original.