Troubled Hhgregg Hires Stifel Units to Pursue Strategic, Financial Transactions
Shares of hhgregg closed 9.3 percent higher Thursday at 47 cents after the struggling chain announced it engaged two Stifel Financial subsidiaries to pursue potential strategic and financial transactions to improve liquidity and "return to profitability." The retailer received notices…
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from the New York Stock Exchange at the end of January and early February that it could be delisted for not meeting the minimum listing price requirement. On the company’s most recent earnings call, hhgregg CEO Robert Riesbeck called a 39 percent year-over-year hit to CE sales a major contributor to the company’s $140 million Q3 sales shortfall vs. the year-ago quarter (see 1701260012). Net loss for the holiday quarter was $58 million vs. a loss of $27 million.