hhgregg to Explore Strategic Alternatives
15 Fevereiro 2017 - 8:25PM
Business Wire
hhgregg, Inc. (NYSE: HGG) (“hhgregg” or the “Company”) today
announced that it has engaged Stifel, Nicolaus & Co., Inc. and
Miller Buckfire & Co., LLC, each subsidiaries of Stifel
Financial Corp. (NYSE: SF) to pursue a range of potential strategic
and financial transactions that will support the Company’s
initiatives to improve liquidity and return to profitability.
“We are committed to improving our results through our business
strategy, including investments made to shift our focus to
appliances and furniture, and additional expected cost reductions,”
said Robert J. Riesbeck, hhgregg’s President and CEO. “We believe
it is an appropriate time to explore potential strategic
transactions. As the Company undertakes this exploration process,
we are focused on the execution of our business strategy and remain
fully committed to serving our customers’ needs.”
Stifel Nicolaus and Miller Buckfire have been engaged as
hhgregg’s financial advisor and investment banker. The Company,
working with its advisers, plans to proceed in a timely and orderly
manner, but has not set a definitive timetable for completion of
this process. There can be no assurance that this review process
will result in a transaction or other strategic alternative of any
kind. The Company does not intend to disclose developments or
provide updates on the progress or status of this process unless it
deems further disclosure is appropriate or required.
About hhgregg
hhgregg is an appliance, electronics and furniture retailer that
is committed to providing customers with a truly differentiated
purchase experience through superior customer service,
knowledgeable sales associates and the highest quality product
selections. 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.
Forward Looking Statements
The following is a Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995:
This press release includes forward-looking statements,
including with respect to hhgregg’s intentions and plans to explore
strategic alternatives. hhgregg has based these forward-looking
statements on its current expectations, assumptions, estimates and
projections. While hhgregg believes these expectations,
assumptions, estimates and projections are reasonable, these
forward-looking statements are only predictions and involve known
and unknown risks and uncertainties, many of which are beyond its
control. These and other important factors may cause hhgregg’s
actual results, performance or achievements to differ materially
from any future results, performance or achievements expressed or
implied by these forward-looking statements. Some of the key
factors that could cause actual results to differ from hhgregg’s
expectations are: the ability to successfully execute the Company's
strategies and initiatives, particularly in returning the Company
to profitable growth; the Company's ability to increase customer
traffic and conversion; competition in the retail industry; the
Company's ability to maintain a positive brand perception and
recognition; the Company's ability to attract and retain qualified
personnel; the Company's ability to maintain the security of
customer, associate and Company information; rules, regulations,
contractual obligations, compliance requirements and fees
associated with accepting a variety of payment methods; the
Company's ability to effectively achieve cost cutting initiatives;
the Company's ability to generate strong cash flows to support its
operating activities; the Company's relationships and operations of
its key suppliers; the Company's ability to generate sufficient
cash flows to recover the fair value of long-lived assets; the
Company's ability to maintain and upgrade its information
technology systems; the fluctuation of the Company's comparable
store sales; the effect of general and regional economic and
employment conditions on the Company's net sales; the Company's
ability to meet financial performance guidance; disruption in the
Company's supply chain; changes in trade regulation, currency
fluctuations and prevailing interest rates; and the potential for
litigation.
Other factors that could cause actual results to differ from
those implied by the forward-looking statements in this press
release are more fully described in the “Risk Factors” section in
the Company’s Annual Report on Form 10-K for fiscal year 2016 filed
May 19, 2016 and the Company's Quarterly Report on Form 10-Q for
the fiscal quarter ended December 31, 2016 filed on January 26,
2017. Given these risks and uncertainties, you are cautioned not to
place undue reliance on these forward-looking statements. The
forward-looking statements included in this press release are made
only as of the date hereof. hhgregg does not undertake, and
specifically declines, any obligation to update any of these
statements or to publicly announce the results of any revisions to
any of these statements to reflect future events or
developments.
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version on businesswire.com: http://www.businesswire.com/news/home/20170215006355/en/
hhgregg, Inc.Lance Peterson, 317-848-8710Vice President, Finance
and Planninginvestorrelations@hhgregg.com