HHGregg Joins Growing List of Retailers Closing for Thanksgiving

October 11, 2016 by Trey Thoelcke

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:

  • A.C. Moore (Allow employees to spend time with family)
  • American Girl
  • AT&T (Customer Service closed; select retail locations closed)
  • Barnes & Noble (Allow booksellers to spend time with family)
  • Bed Bath & Beyond (Select locations)
  • BJ’s Wholesale Club
  • Burlington (Allow employees to spend time with family)
  • Cabela’s (Retail closed; call centers open)
  • Christmas Tree Shops (Select locations)
  • Costco
  • Crate and Barrel
  • Dillard’s (Allow employees to spend time with family)
  • GameStop (5 a.m. Black Friday opening)
  • Gardner-White Furniture (8 a.m. Black Friday opening)
  • Guitar Center
  • Hobby Lobby
  • Home Depot
  • HomeGoods (Allow employees to spend time with family)
  • IKEA
  • Jo-Ann Fabric & Craft Stores
  • Lowe’s
  • Mall of America
  • Marshalls (Allow employees to spend time with family)
  • Mattress Firm
  • Menards
  • Neiman Marcus
  • Nordstrom (non-store employees working)
  • Outdoor Research
  • P.C. Richard & Son
  • Patagonia
  • Petco
  • PetSmart
  • Pier 1 Imports (Allow employees to spend time with family)
  • Publix
  • Raymour and Flanagan Furniture (8 a.m. Black Friday opening)
  • Sam’s Club
  • Sierra Trading Post
  • Staples
  • The Container Store
  • T.J. Maxx (Allow employees to spend time with family)
  • Tractor Supply
  • Von Maur (9 a.m. Black Friday opening)

Now add HHGregg to that list. Who’s next?

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