Joint Motion for Asset Sale Filed by hhgregg, Inc.
May 24, 2018 at 12:00 am
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hhgregg, Inc. filed a joint motion in the US Bankruptcy Court for the sale of its certain assets on May 24, 2018. The debtor seeks the Court’s approval for the sale of its certain assets to Royal Capital Corp., for a purchase price of $2.9 million in cash pursuant to the asset purchase agreement, dated August 8, 2017. The debtor’s assets include real estate property located at 3230 Woodward crossing Blvd, Gwinnett country, Buford, Georgia. The buyer has submitted an earnest money deposit of $0.10 million upon the execution of the agreement. Calloway Title and Escrow, LLC appointed as Title Company and Escrow agent. The sale hearing is scheduled for June 13, 2018. The proceeds from the sale would be used to pay off the amount owed to the debtor’s pre-petition lender. The agreement was got amended on December 5, 2017 then on January 16, 2018 and again on February 7, 2018. The buyer has deposited earnest money of $0.10 million. As per the amendments, buyer has time to inspect the property till May 31, 2018.
hhgregg, Inc. is an online retailer that operates a retail chain of consumer electronics and home appliances in the Midwest, Northeast, and Southeast United States, which operates stores in approximately 20 states. The Company offers a range of products categories, which include mobiles, computers and office, cameras and video, electronics, pro audio, home and kitchen. Its mobile products include cellphones and accessories, and wearable technology. Its computer products include desktops, laptops, hardware, telephones, and office accessories. The Companyâs electronics products include global positioning systems (GPS) and auto, television, home theater, audio headphones, and gaming. Its pro audio products include microphones, pro headphones, studio recording, audio systems, speakers, audio components, portable audio, and musical instruments. Its home and kitchen products include kitchen utensils, luggage, and bags. It offers global and local brands across the nation through hhgregg.com.