T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, May 27, 2017, Vol. 21, No. 146
HHGREGG INC: Reports $20.93 Million Net Loss in March
HHGREGG INC: Reports $20.93 Million Net Loss in March
hhgregg, Inc., et al., filed with the U.S. Securities and Exchange
Commission their monthly operating report for March 2017.
The Debtors statement of operations reflected a net loss of $20.93
million on net sales of $93.41 million for March.
As of March 31, 2017, the Debtors listed $230.75 million in total
assets, $246.76 million in total liabilities, and $16.01 million in
total shareholders' deficit.
The Debtors started the month with $2.69 million cash. Cash flows
from operating activities totaled $43.66 million, cash flows from
investing activities totaled $1.01 million, and cash flows from
financing activities totaled $43.64 million. At month end, the
Debtors had $1.70 million cash.
A copy of the monthly operating report is available at the SEC at:
About hhgregg Inc.
Indianapolis, Indiana-based hhgregg, Inc. is an appliance,
electronics and furniture retailer. Founded in 1955, hhgregg is a
multi-regional retailer currently with 220 stores in 19 states that
also offers market-leading global and local brands at value prices
nationwide via hhgregg.com.
hhgregg Inc., Gregg Appliances Inc. and HHG Distributing LLC sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Ind. Lead Case No. 17-01302) on March 6, 2017. The petition was
signed by Kevin J. Kovacs, chief financial officer.
At the time of the filing, hhgregg and HHG Distributing estimated
assets and liabilities of less than $50,000. Gregg Appliances
estimated its assets and liabilities at $100 million to $500
The Debtors engaged Morgan, Lewis & Bockius LLP and Ice Miller LLP
as counsel; Berkeley Research Group, LLC as financial advisor;
Stifel and Miller Buckfire & Co. as investment banker and Donlin,
Recano & Company, Inc. as claims and noticing agent.
The U.S. Trustee has appointed creditors to serve on the official
committee of unsecured creditors. The Committee hired Bingham
Greenebaum Doll LLP as counsel.
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