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 storesz infiscal 2011, mainly in Baltimore, D.C., and Philadelphia. The retailer’s fiscal 2011 runs from Marchn 2010 toMarch 2011. The expansion will be HHGregg’ (NYSE: HGG) initial foray into the mid-Atlanticd and will follow onetime electronics giantCircuit City’a exit from the market following bankruptcy. The new storea are part of an aggressivew growth strategy aimed at taking advantage of cheap rental rates and excess real estate President Dennis May said ina statement. The company also plans to open a distribution center inthe mid-Atlantic region.
The average HHGregg store is 30,000 square feet and employzs 40 workers. The company said it has begun to execute leases on thefutur stores, but a spokeswoman declined Wednesday to disclose any specificx locations for the stores or the distributio n center. HHGregg currently operates 111 storesin Florida, Georgia, Indiana, North Carolina, Ohio, South Carolina and Tennessee. In fiscak year 2009, the company posted sales of $1.4 billionm and a profit of $36.5 million.