WASHINGTON — 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.
The retailer’s exit from the Washington market comes just six years after it opened its first stores in the region.
The company is also closing three distribution centers, including one in Brandywine, Maryland.
In total, hhgregg is closing 88 stores as part of a turnaround plan aimed at returning to profitability.
“We are strategically exiting markets and stores that are not financially profitable for us,” said Robert Riesbeck, hhgregg’ s CEO.
The closings will leave the Indianapolis-based retailer with 132 stores still operating.
About 1,500 employees will lose their jobs as part of the store closings.
Inventory at stores being closed will be sold over the coming weeks, with final closings expected to be complete by mid-April, hhgregg said.
Earlier this month, the 61-year-old appliance and electronics retailer hired advisers to explore its strategic opportunities. It may also file for bankruptcy reorganization as soon as this month, according to Bloomberg news.
The company has posted annual losses for two consecutive years, with fourth quarter revenue falling 24 percent from a year earlier.
The New York Stock Exchange delisted the company’s stock last month.
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