Electronics retailer hhgregg is going out of business

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MIAMI, FL - MARCH 02: A hhgregg electronic and appliance retailer store is seen on March 2, 2017 in Miami, Florida. The company announced plans to close forty percent of their stores, eliminating 1500 jobs, as it goes through a restructuring process. (Photo by Joe Raedle/Getty Images)

INDIANAPOLIS  — Consumer electronics chain hhgregg Inc. is going out of business and shutting down its stores.

The Indianapolis company said Friday that it will liquidate its assets after failing to find a buyer for the business. It filed for bankruptcy protection in March.

Founded in 1955, the retailer says it has 220 stores in 19 states selling major appliances like washers and TVs. As of May last year, it had about 5,000 employees.

The company is the latest brick-and-mortar chain to buckle under due to industry changes from the rise of online shopping. Amazon.com has eaten away at sales of almost every traditional retailer. Earlier this week, shoe chain Payless ShoeSource filed for bankruptcy protection.

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