Instead, you grab the one that is closest to you and make a nice, shining example out of him.
I don't think his friends will continue to show that much alacrity in attacking you when they witness their accomplice being put in a bear hug, then ventilated at point blank range, or had some KaBar surgery performed on his intestines.
Why would I want to first dramatically increase the danger to me by putting myself in closer proximity to a bad guy who can then beat me, stab me, or possibly disarm me, things he could not do when he was further away? If he has a gun, he is more likely to be able to shoot me with less skill required to be successful than if he was further away. You don't need to aim contact shots.
How do I hold him in a bear hug and still manage to draw and fire my gun? Bear hugs require both arms.
If you do manage to shoot the guy while keeping him wrapped up, it would be point blank range or actually inside of point black range. However, anyone you shoot a robbery distances will be at point blank range or less.