hhgregg, a retailer whose name we assure you we have capitalized correctly, is closing 40% of its stores across the country. The company calls this a plan to “advance turnaround,” while its stock has been delisted from the New York Stock Exchange for having too low a share price, and rumors swirl that it’s planning to file for bankruptcy protection.
The cutbacks, announced today, will also include three distribution centers located in Miami, FL; Brandywine, MD; and Philadelphia, PA. The 88 stores will sell off their inventory and finally close their doors in April.
The closings leave the chain without any stores in the Washington, DC area, for example, and also include a large number of stores in Pennsylvania and in Florida.
In a statement, the chain described stores on the closing list as “underperforming” locations, or “no longer strong shopping destinations due to changes in the local retail shopping landscape.” The shopping centers where these store are located are apparently not as cool as they once were.
“We feel strongly that the markets we will remain in are the right ones for our customers and our business model,” hhgregg president and CEO Robert J. Riesbeck said in a statement. “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.”
You’ll notice that there isn’t anything in there about bankruptcy plans, but you should probably dig out any gift cards that you have around anyway.
If you’re just here for the closing list, here it is:
|West Palm Beach||FL|
|Florida Mall, Orlando||FL|
|Treasure Coast Mall||FL|
|Mall of Louisiana||LA|
|Lower Paxon, Harrisburg||PA|
|King of Prussia, Berwyn||PA|
|Montgomeryville, North Wales||PA|
|Whitman Square, Philadelphia||PA|
|Short Pump, Henrico||VA|
|Bailey’s Crossroads, Falls Church||VA|
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