February 24, 2017 / 1:16 PM / 9 months ago

Electronics retailer hhgregg could file for bankruptcy next month-Bbg

Feb 24 (Reuters) - Appliances and electronics retailer hhgregg Inc is preparing to file for bankruptcy as soon as next month, Bloomberg reported on Friday.

The retailer is still seeking an out-of-court solution that would help it prevent filing a Chapter 11, Bloomberg reported, citing people familiar with the matter. (bloom.bg/2kS4j3E)

Hhgregg’s sales have fallen for 14 quarters in a row as it struggles to cope with intense competition.

The company said on Feb. 15 it was pursuing a range of strategic alternatives.

The Indianapolis, Indiana-based company’s stock has lost more than three-fourth of its value in the last 12 months. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Savio D‘Souza)

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