MOORESVILLE, NC — As part of their turnaround efforts, hhgregg announced Thursday that they will be closing three distribution centers and more than 80 store locations across the country.
The company said in a release that the closures will help reallocate resources and refocus efforts on their core markets and goals while helping enhance both in-store and online customer experiences. The closure will include three distribution centers, 88 stores, including their Mooresville location, and will cut around 1500 positions.
“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 management team has worked tirelessly over the past year to return hhgregg to profitability,” continued Riesbeck. “We have determined that the economics of the affected locations will not allow us to achieve our overall goal of becoming a profitable company again. After scrutinizing our real estate portfolio, we have identified a number of underperforming stores, as well as store locations that are no longer strong shopping destinations due to changes in the local retail shopping landscape.”
The closing store locations will begin selling off their remaining inventory over the coming weeks, according to the release. Officials say the final closings should take place around mid-April.
For a complete list of store closings, click here.
