Hibbett Closed

The Lenoir City Hibbett Store has closed. According to the press release below, the chain had planned to close 95 stores. Couldn't say for sure, but maybe they just couldn't afford their Rain Tax any longer.

Hibbett Sports plans to close 95 stores; CEO retiring
 

December 2019-Sporting goods retailer Hibbett plans to close 95 stores.

The Birmingham-based retailer said the closures will be offset in part by opening of 10 to 15 Hibbett and City Gear stores. Hibbett acquired the 136-store City Gear chain in October 2018, according to Chain Store Age.
For the last quarter, Hibbett opened 12 new stores, including two City Gear locations, expanded a high-performing location, and closed 27 stores described as “underperforming.”

The 95 stores set for closure have not been announced. The closures will occur in fiscal 2020.

“While these decisions are never easy, we believe it is in the best interest of our shareholders as we continue to evolve the business and adapt to changing shopping patterns,” said Jeff Rosenthal, President and CEO. “Going forward, we will continue to invest in our business with the goal of providing a differentiated product assortment and customer experience that aligns with today’s consumer.”

The streamlining comes as Hibbett reported strong sales, led by a 60 percent surge in online retail. Sales rose $306 million from $266.7 million for the quarter ended Feb. 2, with online business that now accounting for almost 11 percent of total sales. Same-store sales rose almost 4 percent.

Hibbett currently operates 1,163 locations in 35 states.

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1/13/20