hhgregg Fallout Continues

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Indianapolis-based hhgregg Inc. continues to thin out its ranks. In a notice to the state, the company says it will close its corporate office on the northeast side of Indianapolis, which will leave 268 employees out of work. hhgregg has also reduced the size of its board of directors to three members.

The company says the terminations are scheduled to begin May 31. The affected employees have been notified of their separations, which are expected to be permanent.

In a filling with the U.S. Securities and Exchange Commission, hhgregg says eight members of its board of directors have resigned. Only Benjamin Geiger and Catherine Langham will continue to serve, alongside hhgregg Chief Executive Officer Robert Riesbeck, who was appointed to serve on the board until his resignation or removal.

On Saturday, hhgregg began liquidating its assets after it was unable to find a buyer. The company filed for Chapter 11 bankruptcy protection in March and, at the time, said it had a buyer lined up, though that deal eventually fell through.