Retail
HHGregg Joins Growing List of Retailers Closing for Thanksgiving
Published:
Last Updated:
HHGregg Inc. (NYSE: HGG) is the latest retailer to jump on the closed-on-Thanksgiving bandwagon. The Indianapolis-based purveyor of appliances and consumer electronics will close all 220 of its brick-and-mortar stores, claiming to be the first major electronics retailer to announce such a closure.
President and CEO Bob Riesbeck said:
We stand behind our core values and beliefs of being a family-first company. It’s important to us that our associates are able to be home with their families on Thanksgiving, and we are encouraging our customers to do the same – knowing great deals will be available online, on Black Friday and through the weekend.
Its stores will be open at 7 a.m. on Black Friday. And the company said earlier that it planned to add 500 to its workforce ahead of the holiday shopping season.
The company appointed a new chief financial officer and a new chief retail officer back in August. It also recently announced a multiyear partnership with reigning Indianapolis 500 champions Andretti Autosport, and Michael Andretti joined its board of directors. Despite all that, HHGregg shares are trading near their 52-week low, and in fact the stock has traded under $2 per share for the better part of this year. Note that it traded above $20 a share back in 2013.
BestBlackFriday.com recently put together a list of retailers announcing closures for Thanksgiving:
Now add HHGregg to that list. Who’s next?
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.