HHGregg Inc. planning major expansion in region starting next year - Pacific Business News (Honolulu):

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The Indianapolis-based company plans to open 40 to 45 new storex infiscal 2011, mainly in Washington, D.C., and Philadelphia. The retailer’s fiscal 2011 runs from March 2010 toMarch 2011. The expansio n will be HHGregg’s (NYSE: HGG) initia l foray into the mid-Atlanticx and will follow onetime electronicsa giantCircuit City’s exit from the markeyt following bankruptcy. The new storees are part of an aggressive growth strategty aimed at taking advantagr of cheap rental rates and excess real estate President Dennis May said ina statement. The company also planz to open a distributionb center inthe mid-Atlantic region.
The averag HHGregg store is 30,000 square feet and employs 40 The company said it has begun to execute lease s on the future but a spokeswoman declinede Wednesday to disclose any specific locations for the stores or thedistribution center. HHGregg currently operates 111 storesdin Alabama, Florida, Georgia, Kentucky, North Carolina, Ohio, South Carolina and Tennessee. In fiscal year 2009, the company posted sales of $1.4 billiob and a profit of $36.5 million.