Published: Fri, March 03, 2017
Economy | By Melissa Porter

Hhgregg to close 88 stores, including its North Hills location

Struggling electronics retailer hhgregg will close 10 stores in the immediate D.C. area, as well as all of its locations in the Mid-Atlantic region.

As a result of the closings, about 1,500 jobs will be eliminated across the company.

Based on the number of stores the company said it had in Virginia as of a year ago and the number announced Thursday, it appears every store statewide is closing.

"We are strategically exiting markets and stores that are not financially profitable for us", Robert J. Riesbeck, hhgregg's President and CEO, said in the release.

Currently, there are 220 hhgregg stores in 19 states, and the decision to consolidate the corporate footprint came after hhgregg announced in February it would need to restructure to earn a profit.

Hhgregg is also shutting down three distribution centers in Maryland, Florida and Pennsylvania.

The Copley store is at 160 Rothrock Road, near a store operated by the Best Buy chain, among HHGregg's competitors.

Riesbeck said the economics in the affected regions didn't make sense for the company's effort to become profitable again.

The company has posted annual losses for two consecutive years, with fourth-quarter revenue falling 24 percent from a year earlier.

View the full list of store closures here. None of those announcements impacted the chains' DE locations. The resources from each store will be reallocated to other locations.

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