Earlier this week, hhgregg announced that it will be closing down some of its stores. The company will be targeting about 88 locations spread all across the United States.
Hhgregg, Inc. was formerly known as Gregg Appliances, Inc. It is an American retailer of home appliances and consumer electronics. Its stores are spread across the United States’ Northeast, Southeast, and Midwest. Founded in 1955 and based in Indianapolis, Indiana, the company now operates in 20 states.
However, news about from and about hhgregg. According to reports, the company is in the process of filing for bankruptcy. As it, retailer itself released an announcement which directly targets its stores.
On March 2nd, hhgregg revealed that it will be closing a number of its stores. It will be targeting about 88 locations from across the United States. This accounts for about a third of all company stores, which amount to 220.
The company also released a list of the targeted locations. As such, hhgregg will be completely exiting a number of markets. For example, it will be closing down all of its Virginia-based stores. 15 Pennsylvania-based locations and the entire Philadelphia market will also be closed. Hhgregg will also be targeting 3 stores in Delaware and southern New Jersey.
Its Philadelphia distribution center may also be shuttered down. As well as two others situated in Florida and Maryland. According to the company, an estimated number of 1,500 workplaces will also disappear following the shutdowns.
Robert J. Riesbeck, the hhgregg CEO and President, released a statement on the matter. According to his declaration, the company decided to strategically exit non-financially profitable markets by closing down its stores. Riesbeck named this a “proactive decision”. One that may help streamline the hhgregg store footprint in reportedly profitable markets.
Or as stated by the Riesbeck, in locations where the company stores are “important” to both its customers and the community. And also to hhgregg’s vendor partners.
Following the projected closing downs, hhgregg should remain with 132 location spread across the United States. Riesbeck stated that the team is “dedicated to move forward”. It will try to be a profitable chain of 132-multiregional stores. One that will continue to be a force in the home furnishing, appliances, and electronics domain.
The company offered details on its plan for the soon to close stores. As such, all the current inventory from these locations will start being sold. This should start taking place over the following weeks.
According to hhgregg, final store closings should be completed by mid-April 2017. Liquidation sales will begin according to each individual location.
In his statement, Riesbeck went to thank “each and every manager and associate … and their families” from the company’s distribution centers and stores. He is thanking them for their continued efforts, support, and contributions.
Riesbeck expressed his support as this will not be an easy process. Nonetheless, he expressed his belief that the hhgregg team will meet the challenge “head-on”. And that they will offer support to each other and the store customers as they go through the closing process.
In relation to its distribution centers, hhgregg announced that these will only be shuttered after each and every ordered product has been delivered.
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