HHGregg Closing North Wales Location

HHGregg is closing its North Wales store, the company announced today. The local store is among 88 HHGregg locations closing nationwide.

The retail and appliance store, located in the Montgomery Square shopping center on 1251 Knapp Road, is among the “underperforming” stores nationwide that have been targeted for closing, according to a statement from HHGregg. It is one of 15 HHGregg stores in in Pennsylvania that will be closing.

Other locations to be shuttered include stores in King of Prussia and Oxford Valley.

Stores are expected to be closed by the middle of April. Liquidation sales are expected to begin immediately.

"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. "We are strategically exiting markets and stores that are not financially profitable for us.”

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

Currently, there are 220 HHGregg stores in 19 states.

The decision to consolidate the company's footprint comes 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."

With reporting by Anthony Bellano

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