The struggling, Indy-based retailer says the move is part of a larger strategy that could save as much as $25 million over two years.
The struggling retailer says it intends to more than double the number of its stores featuring the ritzy showrooms—an extension of its recent strategy to focus more on appliances and furniture.
Robert Riesbeck, the company’s chief financial officer, has served as the struggling retailer’s CEO on a temporary basis since February but wants the title to become permanent.
Sales were down again, as expected, but the electronics and appliance retailer saw a smaller loss in the latest quarter thanks to cost savings.
Freeman Spogli & Co. has been invested in the Indianapolis retailer for a decade, which is bordering on an eternity by private equity standards.
Retailers like Best Buy Co. and HHGregg Inc. expect weak demand for electronics during the holidays, although ultra-HD televisions might be an exception.
Indiana’s publicly traded retailers are hoping a strong shopping season will allow them to finish with a flourish after a bruising 2015.
The retailer reported another lackluster quarter with sales dips in every category except home products. But its shares shot up in trading because the results were better than expected.
The complaint charged the Indianapolis-based retailer failed to factor a $40 million life insurance payout into the calculation for employee bonuses. The ruling potentially could lead to millions of dollars in damages.
The struggling appliance and consumer electronics retailer, must be suffering from a bout of buyer’s remorse these days after plowing more than $150 million into share repurchases over the past four fiscal years.
HHGregg Inc. has tried for four years to reverse sliding sales. That hasn’t worked, and now executives have turned their focus to slashing expenses in a quest to return to profitability next year.
The Indianapolis-based appliance and electronics retailer on Friday posted a quarterly loss of $25.2 million as sales for store locations open at least a year declined 10 percent.