Appliance, electronics and furniture retailer hhgregg announced Thursday it will be closing 3 locations in Louisiana, including stores in Metairie and on the Westbank, in a company-wide effort to "return to profitability".
"We are strategically exiting markets and stores that are not financially profitable for us," said Robert J. Riesbeck, hhgregg's President and CEO.
"We have determined that the economics of the affected locations will not allow us to achieve our overall goal of becoming a profitable company again. After scrutinizing our real estate portfolio, we have identified a number of underperforming stores, as well as store locations that are no longer strong shopping destinations due to changes in the local retail shopping landscape," he continued.
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.
In all, 88 stores and three distribution facilities will close.
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