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)
- 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)
- Jo-Ann Fabric & Craft Stores
- Mall of America
- Marshalls (Allow employees to spend time with family)
- Mattress Firm
- Neiman Marcus
- Nordstrom (non-store employees working)
- Outdoor Research
- P.C. Richard & Son
- Pier 1 Imports (Allow employees to spend time with family)
- Raymour and Flanagan Furniture (8 a.m. Black Friday opening)
- Sam’s Club
- Sierra Trading Post
- 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?