Towson hhgregg Store To Close

TOWSON, MD — The Towson hhgregg store will soon be closing, company officials announced Thursday.

The store on Goucher Boulevard will likely close by mid April, according to a statement from hhgregg.

It is one of 88 locations nationwide and 11 in Maryland marked as underperforming by the company, which sells electronics, furniture and appliances.

"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," hhgregg President/CEO Robert J. Riesbeck said in a statement.

Other Maryland hhgregg stores slated for closure are in Annapolis, Bel Air, Catonsville, Frederick, Glen Burnie, Hagerstown, Hanover, Largo, Rockville and Waldorf.

"We are strategically exiting markets and stores that are not financially profitable for us," Riesbeck said.

The Indianapolis-based company announced the closure of 88 stores and three distribution centers — in Brandywine, Maryland, as well as Miami and Philadelphia — as part of its strategy to become profitable again.

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

On Thursday, hhgregg reported that it would be eliminating approximately 1,500 positions through the closures.

"We feel strongly that the markets we will remain in are the right ones for our customers and our business model," Riesbeck said. "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."

In the weeks ahead, the stores will sell off their inventory, with the locations to shutter by the middle of April.

hhgregg is located at 803 Goucher Boulevard in Towson.

Patch file photo.