Friday, March 3, 2017
HHGregg Closing 88 Stores After Bankruptcy Rumors.
In order to stay in business, Indianapolis- based HHGregg is closing 40 percent of there stores, that means 88 locations will close by near the end of April. This is a preventative measure, as last week, talk of bankruptcy was in the news, and this might prevent having to file for chapter 11 next quarter. The electronic & appliance retailer will also close three distribution centers.
Out of the list of locations, 6 of which are in Illinois, 4 in the Chicago area. According to the Chicago Tribune, Robert Riesbeck, the CEO claims these locations will be shuttered do to poor sales, or are located in areas that are no longer shopping destinations. I can not speak for any of the other locations, but the Schaumburg, Bloomingdale, Niles, and Arlington Hts. stores are very busy, and in heavily vitalized shopping centers.
This might be another chain to bite the dust, as several dozen chains closed up shop in 2016, mostly clothing and mall-dominant chains, but national retailer's like Sports Authority began closing there stores in March and ceased business by August. I hope HHGregg will follow that path, but its March and there closing stores, they might just fold this summer. Its not uncommon for a electronics chain to go out of business, especially in recent times.
Here is the list of locations closing by mid-April:
West Palm Beach
Florida Mall, Orlando
Treasure Coast Mall, Jensen Beach
Kenner Westgate, Metairie
Mall of Louisiana, Baton Rouge
Lower Paxon, Harrisburg
King of Prussia, Berwyn
Montgomeryville, North Wales
Whitman Square, Philadelphia
North Hills, Pittsburgh
Short Pump, Henrico
Bailey's Crossroads, Falls Church
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Posted by john bozic