Richmond’s hhgregg store to close

• Richmond’s hhgregg store is slated to close by the end of April.
• It is one of two Indiana stores being closed.
• The Indianapolis-based retailer is relocating two other stores.
• The company reported a net sales decrease of 5.9 percent in its most recent quarter.

Richmond’s hhgregg is one of two Indiana stores being closed by the Indianapolis-based appliance, electronics and furniture retailer.

The Richmond store is expected to close by the end of April, an hhgregg representative said Tuesday. The store’s 17 employees were notified of the closing Monday afternoon.

The other store closing is the Indianapolis West store, which is in the Lafayette Square area of Indianapolis.

“As a natural course of business, we regularly evaluate our real estate positions to determine when and where new store openings, relocations, or at times closings make the most sense for our customers and our company,” hhgregg CEO Dennis May said in a prepared statement.

All of the employees at the stores that are about to close will be offered the chance to work at another location, May said.

May added the company is “making new investments” by relocating its Indianapolis East store (10101 E. Washington St.) to a new development near Washington Square Mall and relocating its Outer Loop store in Louisville. Those stores will be opening Thursday.

When hhgregg reported its third fiscal quarter operating results on Jan. 29, the company reported net sales for the three months ending Dec. 31, 2014, had decreased 5.9 percent to $665.6 million from $707.1 million in the comparable prior year period.

As of Jan. 29, hhgregg operated 228 stores in 20 states.

The Richmond store at 3771 E. Main St. opened in October 1999 with 35 employees.