Consumer electronics and appliance chain hhgregg closing all Richmond area stores

Consumer electronics and appliance chain hhgregg announced plans today to shutter scores of “underperforming” stores around the country, including all locations in Virginia.

Locally, that means stores in Short Pump, Midlothian, and Colonial Heights will shutter and hold going out of business sales. No word on when the process will start.

In all, the company plans to close three distribution facilities and 88 store locations in order to “reallocate resources to align more closely with its strategic goals to improve liquidity and return to profitability,” a news release stated.

“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, multi-regional 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.