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March 6 (Reuters) - Appliances and electronics retailer hhgregg Inc said on Monday it has filed for bankruptcy protection and signed a term sheet with an unnamed party to purchase its assets.
The retailer filed for a Chapter 11 reorganization in the U.S. bankruptcy court for the Southern District of Indiana, the company said in a statement.
Hhgregg had hired Stifel Financial Corp last month, to advise it on strategic and financial transactions, as the company has been struggling with sales declines. (Reporting by Subrat Patnaik in Bengaluru; Editing by Amrutha Gayathri)