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Consumer electronics/appliance retailer to close stores
Hhgregg is cutting lose its weakest locations. The struggling chain said it plans to close three distribution facilities and 88 stores as part its effort to improve liquidity and return to profitability. The closings, expected to be completed by mid-April, will leave the retailer with 132 stores. The announcement comes just days after the New York Stock Exchange delisted Hhgregg for failing to meet the minimum listing requirement, and amid rumors the chain plans to file for bankruptcy protection. -
Kroger ends its streak
The Kroger Co. has broken its impressive record of 52 consecutive quarters of same-store sales growth. The supermarket giant on Thursday posted an unexpected decline in fourth-quarter same-store sales on Thursday amid ongoing food price deflation and increased competition. Kroger’s net income fell to $506 million, or 53 cents per share, for the quarter ended Jan. 28, in line with estimates, and down from $559 million, or 57 cents per share, a year earlier.


