Hhgregg announced today it plans to close 88 stores across the country, including all three of its Palm Beach County locations, as part of a “turnaround effort” it said was designed to return the company to profitability.
The company has three Palm Beach County locations — in Wellington, West Palm Beach and Boca Raton.
All three of those stores are slated to close as part of the restructuring effort, according to an announcement posted on the retailer’s website.
Hhgregg’s only Treasure Coast location is also slated for closure.
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.
Hhgregg also plans to close three of its distribution facilities, including one in Miami.
“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.”
In all, the company plans to close 15 stores in Florida.
The closings will result in the elimination of approximately 1,500 positions, the company said.