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13 WTHR Indianapolis | Indianapolis Local News & Weather

hhgregg begins liquidation; sale to start Saturday

The Indianapolis-based company failed to find a buyer before Friday's deadline and will sell off its assets and close 132 stores.

INDIANAPOLIS (WTHR) - A deadline has come and gone for hhgregg to find a buyer and avoid closure.

The company filed for Chapter 11 bankruptcy last month. They met with more than 50 groups, but weren't able to find a buyer to keep their doors open. hhgregg expects to be completely closed within eight weeks.

The Indianapolis-based company told employees Friday that they will soon be out of job. They were told they will receive all wages and benefits they are due through the Worker Adjustment and Retraining Notification Act.

hhgregg will start a liquidation sale on Saturday and it will last for about five or six weeks.

All sales will be final and "as is," though the company will accept returns for defective items purchased during the closing sale if the customer could not reasonably determine a product was defective by looking at it.

For the first 14 days of the sale, the company will accept gift certificates and gift cards that were issued before hhgregg filed for bankruptcy. There is a limit of $2,850 per individual, per bankruptcy code.