Retailer hhgregg to close 88 stores, 1,500 to lose jobs - WSFA.com Montgomery Alabama news.

Retailer hhgregg to close 88 stores, 1,500 to lose jobs

An hhgregg is shown in Hanover, MD. The retailer announced it is closing 88 stores. (Source: Jonesdr77/Wikicommons) An hhgregg is shown in Hanover, MD. The retailer announced it is closing 88 stores. (Source: Jonesdr77/Wikicommons)
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  • All Central VA hhgregg locations to close as chain shutters 88 stores

    All Central VA hhgregg locations to close as chain shutters 88 stores

    Thursday, March 2 2017 10:46 AM EST2017-03-02 15:46:02 GMT
    All hhgregg locations in Central Virginia will soon shut down as the chain closes 88 stores and three distribution facilities nationwide. (Source: hhgregg)All hhgregg locations in Central Virginia will soon shut down as the chain closes 88 stores and three distribution facilities nationwide. (Source: hhgregg)

    All hhgregg locations in Central Virginia will soon shut down as the chain closes 88 stores and three distribution facilities nationwide.

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    All hhgregg locations in Central Virginia will soon shut down as the chain closes 88 stores and three distribution facilities nationwide.

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    The retailer will identify the underperforming stores to be closed by mid-March, and the stores will close in the second quarter of 2017. A voluntary early retirment program is being offered to about 6,000 employees.

    More >>

    The retailer will identify the underperforming stores to be closed by mid-March, and the stores will close in the second quarter of 2017. A voluntary early retirment program is being offered to about 6,000 employees.

    More >>

(RNN) - Appliance, electronics and furniture retailer hhgregg is closing 88 underperforming stores in order to "reallocate resources to align more closely with its strategic goals," it announced Thursday.

The move will eliminate about 1,500 positions.

In addition to stores in Alabama; Delaware; Florida; Georgia; Illinois; Louisiana; Maryland; Missouri; New Jersey; North Carolina; Ohio; Pennsylvania; Virginia and West Virginia, the company also is closing three distribution and delivery centers, in Brandywine, MD, Miami, FL, and Philadelphia.

"We are strategically exiting markets and stores that are not financially profitable for us," said Robert J. Riesbeck, hhgregg's President and CEO. "This is a proactive decision to streamline our store footprint in the markets where we have been, and will continue to be, important to our customers, vendor partners and communities. We feel strongly that the markets we will remain in are the right ones for our customers and our business model. Our team is dedicated to moving forward and being a profitable 132 store, multi-regional chain where we will continue to be a dominant force in appliances, electronics and home furnishings."

The company expects the closings to be completed by mid-April.

The retailer currently has 220 stores in 19 states.

In its third quarter results, released Jan. 26, the company's net sales decreased 23.7 percent to $453 million compared to the previous year's third quarter.Copyright 2017 Raycom News Network. All rights reserved.     

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