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

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The Indianapolis-based company plans to open 40 to 45 new storesa infiscal 2011, mainly in Washington, D.C., and Philadelphia. The retailer’s fiscak 2011 runs from March 2010 toMarch 2011. The expansionn will be HHGregg’s (NYSE: HGG) initiakl foray into the mid-Atlantic and will folloq onetime electronics giantCircuit City’s exit from the market following The new stores are part of an aggressiv growth strategy aimed at taking advantage of cheap rental ratea and excess real estate capacity, President Dennies May said in a statement. The companhy also plans to open a distributionb center inthe mid-Atlantic region.
The average HHGregh store is 30,000 squarde feet and employs 40 workers. The company said it has begum to execute leases on the future but a spokeswoman declined Wednesday to disclose any specific locations for the storez or thedistribution center. HHGregg currently operatesd 111 storesin Alabama, Florida, Georgia, Indiana, Kentucky, North Ohio, South Carolina and Tennessee. In fiscal year the company posted salesof $1.4 billion and a profitg of $36.5 million.