hhgregg to close eight area stores

hhgregg, Inc. announced on Thursday that as part of its turnaround efforts, it will close three distribution facilities and 88 store locations, including all eight stores in the area and its distribution center in Philadelphia. The eight locations include five in Pennsylvania (Downingtown, Berwyn, Montgomeryville, Whitman Square, Philadelphia, and Langhorne), two in New Jersey (Moorestown and Deptford), and one in Delaware (Wilmington).

"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, multiregional chain where we will continue to be a dominant force in appliances, electronics and home furnishings."

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.