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HHGregg Closing Arlington Heights Store, and 87 Others Nationwide

Thu March 02 2017 2:48 pm
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HHGregg is closing its store in the Annex of Arlington shopping center at the corner of Arlington Heights Road and Rand Road Arlington Heights, Bloomingdale, Schaumburg, Niles, Champaign and Springfield are among 88 stores that are closing nationwide, the company said Thursday. Last August 2016, the HHGregg closed five Wisconsin stores and one in Vernon Hills.

The stores will start liquidation sales and will likely close by mid-April. The closings will result in the loss of about 1,500 positions.

Stores in Chicagoland that are not closing are located in Crystal Lake, Downers Grove, Geneva, Gurnee and Naperville.

“We are strategically exiting markets and stores that are not financially profitable for us. 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.”

— Robert J. Riesbeck, President and CEO HHGregg

HHGregg was founded in 1955, and operates about 220 stores in 19 states. Stores sell computers, mobile phones, tablets and PCs, TVs, mattresses, washers, dryers and other appliances.

On Monday, February 27, the company received notice that the stock was delisted from the New York Stock Exchange. HHGreg’s average global market capitalization fell below $15,000,000 during a consecutive 30 trading-day period. Trading in the Company’s common stock was suspended immediately after the market closed on February 27, 2017.

On Feb. 15, the company hired a firm to search for strategic and financial deals that would help the company improve its liquidity and return to profitability.

In January, HHGregg reported that its third fiscal quarter, ending Dec. 31, showed a net loss of about $58 million, compared to a loss of $26 million in the same period the year before. Sales also were down 23 percent.

HHGregg opened in Arlington Heights in 2011 shortly after a Circuit City closed in the Northpoint Shopping Center. In many other communities took over former Circuit City locations. In Arlington Heights, the store opened less than one-half mile from electronics leader Best Buy. The electronics market is highly competitive with Abt, Amazon, Apple, Best Buy, Costco, Microsoft, Office Depot, Sam’s Club, and Walmart.

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