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HGGGQ HHGregg

Filed: 31 Dec 20, 11:04am
 











        Exhibit 99.2
UNITED STATES BANKRUPTCY COURT
FOR THE SOUTHERN DISTRICT OF INDIANA










In rehhgregg, Inc.Case No.17-01302-11
 Debtors      






























MONTHLY OPERATING REPORT
hhgregg, Inc.










INDEX TO CONDENSED FINANCIAL STATEMENTS AND SCHEDULES










CONDENSED FINANCIAL STATEMENTS   Page










 Condensed Statement of Income   2
 Condensed Balance Sheet    3
 Condensed Statement of Cash Flows   4










SCHEDULES        










 Schedule 1 -Total Disbursements   5
 Schedule 2 -Bank Reconciliations    6
 Schedule 3 -Total Disbursements to Retained Professionals  7
 Schedule 4 -Summary of Unpaid Post-Petition Debts  8
 Schedule 5 -Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld9
 Schedule 6 -Accounts Receivable Aging   10
 Schedule 7 - Questionnaire11

















I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the documents attached are true and correct to the best of my knowledge and belief. 




















Signature of Debtor   Date   












Signature of Joint Debtor   Date   



/s/ Kevin Kovacs   12/28/2020 
Signature of Authorized Individual*   Date   



Kevin Kovacs   CEO/CFO   
Printed Name of Authorized Individual  Title of Authorized Individual













* Authorized individual must be an officer, director, or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.



1







hhgregg, Inc. 
DEBTORS AND DEBTORS IN POSSESSION 
Condensed Consolidated Statement of Income (unaudited) 


  For the Period of
  November 1, 2020 to
(In Thousands)November 30, 2020


Net Sales$
Cost of Goods Sold
Gross Profit


Operating Expenses: 
Advertising Expense, Net
Occupancy Costs
Data Communications
Repair and Maintenance
Company Insurance (Non-Medical)
Employee Benefits
Wage Expense
Employee Services
Travel and Entertainment
Bank Transaction Fees
Professional Fees
Stock Compensation Expense (Benefit), Net
Gain/Loss on Early Extinguishment of Debt
Depreciation and Amortization
Administrative and Sales Expense
Product Services Expense
Bad Debts




Total Operating Expenses


Operating Income


Interest Expense, net
Other Income/(Expense)


Income Before Taxes


Income Tax Expense/(Benefit)


Net Income$





2







hhgregg, Inc. 
DEBTORS AND DEBTORS IN POSSESSION 
Condensed Consolidated Balance Sheet (unaudited) 




  As of
(In Thousands)11/30/2020


Assets 
Cash$
Credit Card and Trade Accounts Receivable, Net
Accounts Receivable - Other
Merchandise Inventories
Prepaid Expenses and Other Assets
Income Taxes Receivable
Total Current Assets


Property and Equipment, Net
Capitalized Financing Fees, Net
Goodwill
Trademarks, Net
Other Assets, Net


Total Assets


Liabilities and Stockholders' Deficit 
Accounts Payable
Outstanding Customer Deposits, Credits, Refunds
Unredeemed Gift Card Liability
Other Accrued Expenses
Deferred Tax Liability
DIP Loans




Total Current Liabilities


Deferred Rent
LT Deferred Compensation
Other Long-term Liabilities
Liabilities Subject to Compromise$


Total Liabilities


Preferred Stock
Common Stock
Retained Earnings / (Accumulated Deficit)
Treasury Stock
Additional Paid-in Capital
Total Stockholders' Deficit




Total Liabilities and Stockholders' Deficit$



3








hhgregg, Inc. 
DEBTORS AND DEBTORS IN POSSESSION 
Condensed Consolidated Statement of Cash Flows (unaudited) 



 For the Period of 
 November 1, 2020 to 
(In Thousands)November 30, 2020 
Cash flows from operating activities:  
     Net cash provided by (used in) operating activities$
 



Cash flows from investing activities:  
     Purchases of property and equipment
 
     Proceeds from sale of property and equipment
 
     Other
 
     Net cash used in investing activities
 



Cash flows from financing activities:  
     Net Borrowings (Repayments) on Line of Credit
 
 
 



Increase/(decrease) in cash and cash equivalents
 



Cash and cash equivalents at beginning of period
 



Cash and cash equivalents at end of period$
 

4









hhgregg, Inc.    
DEBTORS AND DEBTORS IN POSSESSION  
Total Disbursements by Filed Legal Entity (unaudited) 





(In Thousands)    
For the Period of November 1, 2020 to November 30, 2020
Legal Entity Case Number  Disbursements
hhgregg, Inc. 17-01302-11 $                     —





 
5












hhgregg, Inc.    
DEBTORS AND DEBTORS IN POSSESSION    
Bank Reconciliations (unaudited)    









(In Thousands)      
G/L AcctAccount NameBank Acct #DebtorDescriptionBank BalanceLedger BalanceAs of DateReconciled
 
NOTE: No bank accounts are held by hhgregg, Inc.
  



6













Gregg Applicances, Inc.     
DEBTORS AND DEBTORS IN POSSESSION    
Total Disbursements to Retained Professionals (unaudited)    






(In Thousands)     
For the Period of November 1, 2020 to November 30, 2020
Retained Professionals Approved Amounts (1) Disbursements
MORGAN, LEWIS & BOCKIUS LLPLegal Services 2,779
 
STIFEL, NICOLAUS & COMPANY INCBankruptcy Services 
 
BERKELEY RESEARCH GROUP LLCBankruptcy Services 2,423
 
DONLIN, RECANO & COMPANY INCBankruptcy Services 
 
ICE MILLER LLPLegal Services 2,007
 
 
BINGHAM GREENBAUM DOLL LLP
Bankruptcy Services 235   
 
MALFITANO PARTNERSBankruptcy Services 66
 
COOLEY LLPBankruptcy Services 2,558
 
PROVINCE, INC.Bankruptcy Services 556
 
DLA PIPER LLP USBankruptcy Services  
   
 
FAEGRE DRINKER BIDDLE & REATH
Bankruptcy Services  
   
 
CHOATE HALL & STEWART LLP
Bankruptcy Services  —   — 
ASK LLPBankruptcy Services  
   
 
GREAT AMERICAN GROUPBankruptcy Services  
   
 
GAVIN SOLMENESE LLC
Bankruptcy Services 136   
 
CHIPMAN BROWN CICERO & COLE, LLP
Legal Services 1,819   
 






Total$12,580
 $


















(1) Approved amounts represent the amount of fees and expenses that were approved by court order for payment by the Debtors to each professional from commencement of the case through November 2020.

 


7
















hhgregg, Inc.      
DEBTORS AND DEBTORS IN POSSESSION     
Summary of Unpaid Post-Petition Debts (unaudited)  
As of 11/30/2020      





















(In Thousands)      
hhgregg, Inc. (17-01302-11)
   Number of Days Past Due
 Current 0-3031-6061-90Over 90Total
Accounts Payable$               —
$                   —
$                 —
$        —
$        —
$                  —
Wages Payable





Taxes Payable





Rent/Leases-Building





Utilities Payable





Insurance Reserves





Secured Debt/Adequate Protection Payments





Professional Fees





Amounts Due to Insiders





Outstanding Customer Deposits, Credits, Refunds





Unredeemed Gift Card Liability





Deferred Rent





LT Deferred Compensation





Other





Total Post-Petition Debts$                   
$                   —
$                 —
$        —
$       —
$                 —
















8


 












hhgregg, Inc.    
DEBTORS AND DEBTORS IN POSSESSION  
Schedule of Federal, State, & Local Taxes Collected, Received, Due or Witheld (unaudited) 







(In Thousands)      
For the Period of November 1, 2020 to November 30, 2020
   
 Beginning Tax LiabilityAmount Withheld or AccruedAmount PaidDate PaidCheck No. or EFTEnding Tax Liability
Federal      
Withholding$                  —
$               —
$                 —
  $                     —
FICA - Employee$                  —
$               —
$                 —
  $                     —
FICA - Employer$                  —
$               —
$                 —
  $                     —
Unemployment$                  —
$               —
$                 —
  $                     —
Income$                  —
$               —
$                 —
  $                     —
Total Federal Taxes$                  —
$               —
$                 —
  $                     —







State and Local      
Withholding$                  —
$               —
$                 —
  $                     —
Sales and Use$                  —
$               —
$                 —
  $                     —
Excise$                  —
$               —
$                 —   $                     —
Unemployment$                  —
$               —
$                 —
  $                     —
Real Property$                  —
$               —
$                 —
  $                     —
Personal Property$                  —
$               —
$                 —
  $                     —
Other$                  —
$               —
$                 —
  $                     —
Total State and Local$                  —
$               —
$                 —
  $                     —































9















hhgregg, Inc.     
DEBTORS AND DEBTORS IN POSSESSION     
Accounts Receivable Aging (unaudited)     






(In Thousands)     
As of November 30, 2020     
Accounts Receivable Reconciliation Credit Card ReceivablesTrade Accounts Receivable Total Credit Card and Trade Accounts Receivable
Total Accounts Receivable at the beginning of the reporting period $
$
 $
+ Amounts billed during the period 

  
- Amounts collected during the period 

  
- Other Adjustments (Writeoffs/Credit Memos/Adjustments/Chargebacks/Signifyd Funding) 

  
Total Accounts Receivable at the end of the reporting period $
$
 $






As of November 30, 2020    
    
Accounts Receivable Aging     






< 90 $                             —
$                          —
 $
91+ 

  
Total Accounts Receivable 

  
Amount Considered Uncollectible 

  
Accounts Receivable, Net $
$
 $






NOTES     















10











hhgregg, Inc.      
DEBTORS AND DEBTORS IN POSSESSION    
Questionnaire      








      YesNo
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. X
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. X
3. Have all post-petition tax returns been filed timely? If no, provide an explanation below.X 
4. Are workers compensation, general liability, and other necessary insurance coverages in effect? If no, provide an explanation below.X 
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. X
Account NamePurposeBusinessAcct NumberBank NameDate

















11