Business

Hhgregg to close 8 South Florida stores plus Miami distribution center

MIAMI HERALD STAFF

Hhgregg, the electronics retailer, has announced it will close three of its distribution facilities — including one in Miami — and 88 stores nationwide, including eight in South Florida.

In Miami-Dade, affected stores are those in Hialeah, Kendall, Aventura, Pinecrest and Homestead. In Broward, stores in Plantation, Pembroke Pines and Fort Lauderdale will be closed.

About 1,500 jobs will be cut nationwide. “We are strategically exiting markets and stores that are not financially profitable for us," said Robert J. Riesbeck, Hhgregg's President and CEO, via a release.

"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,” continued Riesbeck.

Hhgregg first entered the South Florida market in June 2011, where it faces stiff competition from discounter Brandsmart. Like other large retailers, Hhgregg has struggled to combat online purchasing. Just last week, Bloomberg reported the retailer would likely file for bankruptcy.

The affected stores are expected to be closed by mid-April. The company will retain 132 stores nationwide, the company said.

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