RICHMOND, VA (WWBT) - All hhgregg locations in Central Virginia will soon shut down as the chain closes 88 stores and three distribution facilities nationwide.
The company announced the move on Thursday as part of an effort to return to profitability following the company's stock being delisted from the New York Stock Exchange and a report saying bankruptcy is imminent.
"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."
The chain will keep 132 stores open across the country, but the stores in Short Pump, Midlothian, Colonial Heights and Fredericksburg will be among the dozens closing. The company said the stores being closed were "underperforming" and some locations were "no longer strong shopping destinations."
The inventory will be sold off in coming weeks and by mid-April the stores will be closed. In all, around 1,500 jobs will be eliminated.
"I want to thank each and every manager and associate in our stores and distribution centers, and their families, for their continued efforts, contributions and support," said Riesbeck. "I understand this is not an easy process to go through; our history has shown that our team members will meet this challenge head-on and continue to support our customers and each other through the closing process."
Other stores closing in Virginia include stores in Newport News, Fairfax, Virginia Beach, Falls Church, Chesapeake, Woodbridge, Manassas, Roanoke, Winchester, Springfield and Sterling.
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