Hhgregg is closing 40 percent of the company’s stores in an effort to turn around a 22 percent drop in sales during the quarter that ended in December.
The Chicago Tribune reports the electronics retailer will close 88 stores — eliminating approximately 1,500 jobs.
The company is closing six of the retailer’s 18 stores in Illinois, including Schaumburg, Bloomingdale, Arlington Heights, Nile, Springfield and Champaign, according to The Consumerist.
The Fairview Heights location will remain open.
“We feel strongly that the markets we will remain in are the right ones for our customers and our business model. Our team is dedicated to moving forward and being a profitable 132 store, multiregional chain where we will continue to be a dominant force in appliances, electronics and home furnishings,” Hhgregg president and CEO Robert Riesbeck told the Tribune.
The Chicago Tribune also reported that the company is also closing three distribution centers in Maryland, Florida and Pennsylvania.
A Bloomberg report confirmed the company is preparing to file for bankruptcy.