INDIANAPOLIS (WRIC) — Electronics and furniture store hhgregg Inc. announced Thursday that it will be closing 88 store locations, including three local stores.

Stores located in Short Pump, Midlothian and Colonial Heights will all be closing. 12 additional store locations across Virginia will also be closing.

The company said in a press release that the decision was made in an effort to reallocate resources to align more closely with the company’s goals to improve liquidity and become profitable again.

“We are strategically exiting markets and stores that are not financially profitable for us,” President and CEO Robert J. Riesbeck said. “We feel strongly that the markets we will remain in are the right ones for our customers and our business model.”

Inventory in the affected stores will be sold over the coming weeks with final closings expected to be complete by mid-April.

As a result of the closings, about 1,500 jobs will be eliminated across the company.

It is not clear at this time how many of these job losses will come from local stores.This is a developing story. Stay with 8News online and on air for the latest updates.Never miss another Facebook post from 8NewsFind 8News on Twitter, Facebook, and Instagram; send your news tips to iReport8@wric.com.