Retailer hhgregg to close 11 South Florida stores

Miami /
Mar.March 04, 2017 10:00 AM

Struggling retailer hhgregg Inc. will close 11 stores and a distribution center in South Florida to stem its losses.

The Indianapolis-based retailer of household appliances and electronics will close its distribution center in Miami and stores in Aventura, Boca Raton, Fort Lauderdale, Hialeah, Homestead, Kendall,  Pembroke Pines, Pinecrest, Plantation, Wellington and West Palm Beach. The company also plans to close Florida stores in Gainesville, Jensen Beach, Orlando and Pensacola.

The 15 stores in Florida are among 88 nationwide that hhgregg expects to close by mid-April, putting 1,500 employees out of work. The closures will reduce the number of hhgregg stores to 132.

“We are strategically exiting markets and stores that are not financially profitable for us,” Robert J. Riesbeck, president and CEO of hhgregg, said in a prepared statement.

Reuters News reported last week that hhgregg might file for bankruptcy. The publicly held company suffered a net loss of $83.8 million in the nine months ended Dec. 31 on top of net totaling $187.5 million in its last two fiscal years.


Related Articles

arrow_forward_ios
Fuse Group CEO Eyal Peretz and Metronomic's Ricky Trinidad with 3364 Oak Avenue (Photo via Google Maps; Fuse; Metronomic)
Bankruptcy judge paves way for Metronomic property auction
Bankruptcy judge paves way for Metronomic property auction
CMX emerges from bankruptcy after filing in April (Getty, Wheeling Town Center)
Encore: CMX Cinemas parent emerges from bankruptcy
Encore: CMX Cinemas parent emerges from bankruptcy
Josh Zegen of Madison Realty Capital and 777 North Ocean Drive, Hollywood (Google Maps)
Madison Realty closes on Costa Hollywood Beach condos for $43M
Madison Realty closes on Costa Hollywood Beach condos for $43M
Renderings of the project (Courtesy of Pinnacle)
Pinnacle scores $31M for senior affordable housing development
Pinnacle scores $31M for senior affordable housing development
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)
Miami developer Metronomic files for bankruptcy
Miami developer Metronomic files for bankruptcy
Founder and CEO of IT'SUGAR Jeff Rubin, and BBX CEO Alan Levan (Credit: Denise Truscello/Getty Images)
It’Sugar files for bankruptcy protection after sales sour
It’Sugar files for bankruptcy protection after sales sour
A Toojay's Deli location (Google Maps)
Lender acquires TooJay’s out of bankruptcy
Lender acquires TooJay’s out of bankruptcy
777 North Ocean Drive, Hollywood (Credit: Google Maps)
Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos
Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...