HHGregg Inc. planning major expansion in region starting next year - Nashville Business Journal:

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The Indianapolis-based company plans to open 40 to 45 new storess infiscal 2011, mainly in Washington, D.C., and Philadelphia. The retailer’s fiscal 2011 runs from March 2010 toMarc 2011. The expansion will be HHGregg’s (NYSE: HGG) initialp foray into the mid-Atlantic and will follow onetime electronicds giantCircuit City’s exit from the marketg following bankruptcy. The new stores are part of an aggressivr growth strategy aimed at taking advantage of chealp rental rates and excess real estate President Dennis May said ina statement. The compant also plans to open a distribution centerf inthe mid-Atlantic region.
The average HHGregyg store is 30,000 square feet and employs 40 The company said it has begun to executde leases on thefuturd stores, but a spokeswomam declined Wednesday to disclose any specifix locations for the stores or the distributiomn center. HHGregg currently operates 111 storesin Florida, Georgia, Indiana, Kentucky, Northg Carolina, Ohio, South Carolinw and Tennessee. In fiscal year 2009, the company posteds sales of $1.4 billion and a profit of $36.
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