Hhgregg plans to close 88 stores across the country, including all three of its Palm Beach County locations, as part of a “turnaround effort” designed to return the company to profitability, the company said Thursday.
The Indianapolis-based electronics and appliance retailer plans to shutter its locations in Wellington, West Palm Beach and Boca Raton as part of the restructuring effort. Hhgregg’s only Treasure Coast store will also close, as will its distribution facility in Miami, the company said.
In its announcement, Hhgregg said the affected stores are expected to close in mid-April. Current inventory in those stores will be sold over the coming weeks, the company said.
“We are strategically exiting markets and stores that are not financially profitable for us,” Hhgregg’s president and CEO Robert J. Riesbeck said Thursday. “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…