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hhgregg to close 88 stores in an attempt to stay afloat

It was inevitable, appliance giant hhgregg has announced the closing of 88 stores according to this IndyStar report.

Struggling appliance and electronic retailer HHGregg is planning to close 88 of its weakest stores as part of an effort to stay afloat.

The Indianapolis-based company on Thursday also announced it is closing three distribution centers. The closings, which do not include any stores in Indiana, will be completed by mid-April and result in about 1,500 layoffs.

“We are strategically exiting markets and stores that are not financially profitable for us,” HHGregg CEO Robert Riesbeck said in a statement. “This is a proactive decision to streamline our store footprint in the markets where we have been, and will continue to be, important to our customers, vendor partners and communities.”

The announced store closings, which amount to one quarter of its locations, come days after the New York Stock Exchange delisted HHGregg for failing to meet the minimum listing requirement. Bloomberg last week reported HHGregg is preparing to file for bankruptcy as soon as this month.