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h.h.gregg Chief Administrator To Retire; Cincinnati Sales Event Planned

Cincinnati — h.h.gregg’s chief administrative officer and former chief financial officer Michael Stout is retiring after 35 years with the company. 9/17/2013 05:31:00 AM Eastern

Cincinnati — h.h.gregg’s chief administrative officer and former chief financial officer Michael Stout is retiring after 35 years with the company.

Stout served as controller from 1986 to 1987 and was chief financial officer from 1997 to 2005, after which he assumed his current post.

According to an 8-K filing, he will remain with the chain for a brief transitional period. No successor was named.

In other h.h.gregg news, the retailer will hold a grand-opening sales event at all Cincinnati area stores to mark the recent relocation of a local showroom.  “We are excited to introduce a new, modern store to our customers in Western Hills,” said marketing senior VP Jeff Pearson. “We hope that Cincinnati-area residents will take advantage of special sale pricing at all of our local stores, including great specials on a wide variety of computers, televisions, phones, tablets and appliances.”

Elsewhere, Janney Montgomery Scott retail analyst David Strasser gave the retailer a thumbs-up for its latest store model revamp following a visit to a Langhorne, Pa., showroom. Strasser said the 32,000-square-foot store skillfully integrates about 10,000 square feet of new furniture and exercise equipment without cannibalizing existent SKUs, and illustrates the chain’s shift from a CE focus to “newer, larger products that are hard to ship and install while leveraging its existing sales force, distribution network and increased credit availability.”

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