hhgregg Announces Actions to Advance Turnaround
INDIANAPOLIS–(BUSINESS WIRE)–hhgregg, Inc. (“hhgregg” or the “Company”) today announced that as part
of its turnaround efforts, the Company plans to close three distribution
facilities and 88 store locations in order to reallocate resources to
align more closely with its strategic goals to improve liquidity and
return to profitability. These decisions will help the Company refocus
efforts on its core markets and goals to enhance customers’ experience
both in-store and online.
“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.”
Current inventory in the affected stores will be sold over the coming
weeks, with final closings expected to be complete by mid-April. The
closings will result in the elimination of approximately 1,500 positions.
As a result of the store actions, hhgregg will close its distribution
and delivery centers located in Brandywine, Maryland; Miami, Florida and
Philadelphia, Pennsylvania. These facilities will continue to support
customer orders of all product sold in the closing locations until all
product has been delivered.
“I want to thank each and every manager and associate in our stores and
distribution centers, and their families, for their continued efforts,
contributions and support,” said Riesbeck. “I understand this is not an
easy process to go through; our history has shown that our team members
will meet this challenge head-on and continue to support our customers
and each other through the closing process.”
hhgregg Store Locations Closing
| Newark, Heath, OH | Newport News, VA | Fairfax, VA | ||
| Fairlawn, Akron, OH | Virginia Beach, VA | Bailey’s Crossroads, Falls Church, VA | ||
| Trussville, AL | Chesapeake, VA | Woodbridge, VA | ||
| Stonecrest, Lithonia, GA | Fredericksburg, VA | Manassas, VA | ||
| Gwinnett, Duluth, GA | Colonial Heights, VA | Largo, MD | ||
| Southlake, Morrow, GA | Roanoke, VA | Waldorf, MD | ||
| Pembroke Pines, FL | Lower Paxon, Harrisburg, PA | Rockville, MD | ||
| Hialeah, FL | York, PA | Frederick, MD | ||
| Sawgrass, Plantation, FL | Mechanicsburg, PA | Catonsville, MD | ||
| Ft. Lauderdale, FL | Lancaster, PA | Hanover, MD | ||
| Kendall, Miami, FL | Hagerstown, MD | Bel Air, MD | ||
| Wellington, FL | Wilkes-Barre, PA | Towson, MD | ||
| West Palm Beach, FL | Dickson City, PA | Annapolis, MD | ||
| Boca Raton, FL | Winchester, VA | Glen Burnie, MD | ||
| Mt. Juliet, TN | Wyomissing, PA | Chesterfield, MO | ||
| Mansfield, OH | Downingtown, PA | North Hills, Pittsburgh, PA | ||
| Mooresville, NC | King of Prussia, Berwyn, PA | Erie, PA | ||
| Durham, NC | Montgomeryville, North Wales, PA | Parkersburg, Vienna, WV | ||
| Cary, NC | Whitman Square, Philadelphia, PA | Schaumburg, IL | ||
| Buckhead, Atlanta, GA | Langhorne, PA | Bloomingdale, IL | ||
| Asheville, NC | Whitehall, PA | Arlington Heights, IL | ||
| Gainesville, FL | Moorestown, NJ | Niles, IL | ||
| Homestead, FL | Deptford, Woodbury, NJ | Springfield, IL | ||
| Florida Mall, Orlando, FL | Mays Landing, NJ | Champaign, IL | ||
| Pensacola, FL | Newark, DE | Kenner Westgate, Metairie, LA | ||
| Mobile, AL | Dover, DE | Westbank, Harvey, LA | ||
| Aventura, FL | Wilmington, DE | Mall of Louisiana, Baton Rouge, LA | ||
| Pinecrest, FL | Springfield, VA | Tri-County, Springdale, OH | ||
| Short Pump, Henrico, VA | Sterling, VA | Treasure Coast Mall, Jensen Beach, FL | ||
| Chesterfield, Midlothian, VA | ||||
About hhgregg
hhgregg is an appliance, electronics and furniture retailer that is
committed to providing customers with a truly differentiated purchase
experience through superior customer service, knowledgeable sales
associates and the highest quality product selections. Founded in 1955,
hhgregg is a multi-regional retailer currently with 220 stores in 19
states that also offers market-leading global and local brands at value
prices nationwide via hhgregg.com.
Contacts
hhgregg, Inc.
Lance Peterson, 317-848-8710
Vice President,
Finance and Planning
investorrelations@hhgregg.com
or
Chantal
Kowalski, 317-561-7022
Communications Manager
chantal.kowalski@hhgregg.com
