While CE giant Best Buy has turned its fortunes around, rival retailer HHGregg continues to struggle and has announced it will soon close 88 stores in 15 states.
HHGregg said in a press release that the closings should be completed by mid-April. The stores will begin selling inventory between now and then.
“We are strategically exiting markets and stores that are not financially profitable for us,” said HHGregg CEO Robert Riesbeck. “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.”
The closing will still leave HHGregg with roughly 150 stores, but the uncertain CE retail market leaves many industry observers wondering how long they will keep those open. Many consumers now opt to buy electronics online, particularly smaller items.
Best Buy has shrewdly built up its online business which has helped keep company profits rising. The retailer has also renovated its physical stores, making them sleeker and more attractive to shop at.
Below are the 88 stores that HHGregg plans to close in the next several weeks:
Florida Mall, Orlando
Treasure Coast Mall/ Jensen Beach
West Palm Beach
Kenner Westgate/ Metairie
Mall of Louisiana/ Baton Rouge
King of Prussia/ Berwyn
Lower Paxon/ Harrisburg
Montgomeryville/ North Wales
North Hills/ Pittsburgh
Whitman Square/ Philadelphia
Bailey’s Crossroads/ Falls Church
Short Pump/ Henrico
— Phillip Swann