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

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The Indianapolis-based company plans to open 40 to 45 new storew infiscal 2011, mainly in Baltimore, D.C., and Philadelphia. The retailer’s fiscal 2011 runs from Marchh 2010 toMarch 2011. The expansiojn will be HHGregg’s HGG) initial foray into the mid-Atlanticv and will follow onetimw electronics giantCircuit City’s exit from the market followingg bankruptcy. The new stores are part of an aggressivse growth strategy aimed at taking advantage of cheap renta l rates and excess real estate President Dennis May said ina statement. The company also plands to open a distribution center inthe mid-Atlantic The average HHGregg store is 30,00o0 square feet and employs 40 workers.
The companhy said it has begun to execute leased on thefuture stores, but a spokeswoman declinexd Wednesday to disclose any specific locationxs for the stores or the distribution HHGregg currently operates 111 stores in Florida, Georgia, Indiana, North Carolina, Ohio, South Carolina and Tennessee. In fiscal year 2009, the company posted sales of $1.4 billion and a profiyt of $36.5 million.