Electronics Retailer Closing Every Single Store
Another brick-and-mortar retailer has fallen on hard times and is following the recent trend of closing up shop entirely.
According to Consumerist, hhgregg, a consumer electronics store similar to Best Buy that operates east of the Mississippi, has failed to find someone to purchase them.
Now, they’ve already started the process of closing every one of their more than 200 locations.
The company filed Chapter 11 bankruptcy in March and employs will over 3,000 workers across 20 states.
Best Buy is expected to pick up more business once hhgregg is gone, according to Minneapolis' StarTribune.
Home Depot and Lowe's, which also sell home appliances like dishwashers, refrigerators, and washers and dryers, could also see an uptick in business.
At for the prospect of gaining more customers, Best Buy spokesman Jeff Shelman commented, “We’re going to do everything we can to give them a good shopping experience. Our stores have changed a lot over the last few years.”
It's estimated that Best Buy saw a 20-30% increase in sales when Circuit City went away in 2009.
But Morningstar Credit Ratings senior vice president Edward Dittmer is telling Best Buy to not count its chickens before they hatch.
He warned that Best Buy's future may not be bright either.
“Especially on that consumer electronics side of the market, you don’t necessarily need to go into a store to buy a TV or computer. I’ve got three TVs in my house, and I didn’t buy a single one in a store,” he said.
What do you think of this?