Retailer Hhgregg Is Closing a Lot of Stores and Cutting a Lot of Jobs
As brick-and-mortar retailers struggle with online competitors, home appliances seller hhgregg is shrinking fast in a bid to turn around.
The company announced Thursday it would close 40% of its stores and three distribution centers by mid-April. About 1,500 jobs are expected to be cut as a result, or 29% of the company’s full-, and part-time work force by March 2016.
“We are strategically exiting markets and stores that are not financially profitable for us,” said Robert J. Riesbeck, hhgregg president and CEO. “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.”