HHGregg planning to close all stores

HHGregg plans to close all of its stores after failing to find a buyer.

The company will begin liquidating its assets Saturday and all of its 220 stores will close by the end of May.

The Crystal Lake store is located at 4483 Route 14, next to Home Depot. The store survived an earlier set of store closings in March.

“Since filing for financial protection under Chapter 11 of the Bankruptcy code on March 6, 2017, we have continued to fight for the future of our company. While we had discussions with more than 50 private equity firms, strategic buyers and other investors, 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.  We have, however, received and accepted a bid for liquidation of our assets. This process will begin Saturday, April 8, 2017,” said Bob Riesbeck, president and chief executive officer for hhgregg, in a news release.