hhgregg to Liquidate Assets

INDIANAPOLIS–(BUSINESS WIRE)–hhgregg, Inc. (“hhgregg” or the “Company”) today announced that the
United States Bankruptcy Court for the Southern District of Indiana
approved the Company’s initiation of the process to liquidate the assets
of the Company commencing on April 8, 2017. As previously announced,
hhgregg executed a consulting agreement with a contractual joint venture
comprised of Tiger Capital Group, LLC and Great American Group, LLC to
conduct a sale of the merchandise and furniture, fixtures and equipment
located at the Company’s retail stores and distribution centers.

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.

The Company filed for Chapter 11 bankruptcy protection on March 6, 2017.
The Company does not anticipate any value will remain from the
bankruptcy estate for the holders of the Company’s common stock,
although this will be determined in the continuing bankruptcy
proceedings.

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 restructure hhgregg and the
conduct of its business during and after such restructuring and
statements regarding the hhgregg’s expectations concerning the
bankruptcy process. 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.

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.

Contacts

hhgregg, Inc.
Lance Peterson, 317-848-8710
Vice President,
Finance and Planning
investorrelations@hhgregg.com
or
Chantal
Kowalski, 317-561-7022
Communications Manager
chantal.kowalski@hhgregg.com