HHGregg Inc. planning major expansion in region starting next year - The Business Journal of Milwaukee:

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The Indianapolis-based company plans to open 40 to 45 new storesz infiscal 2011, mainly in Baltimore, Washington, D.C., and Philadelphia. The retailer’se fiscal 2011 runs from March 2010 toMarcbh 2011. The expansion will be HHGregg’s (NYSE: HGG) initial foray into the mid-Atlantivc and will follow onetime electronics giantCircuit City’ exit from the marker following bankruptcy. The new stores are part of an aggressiv growth strategy aimed at taking advantaged of cheap rental rates and excess realestates capacity, President Dennis May said in a statement. The company also plans to open a distributio center inthe mid-Atlantic region.
The average HHGregg store is 30,00o square feet and employs 40 workers. The company said it has begujn to execute leases on thefuture stores, but a spokeswomanj declined Wednesday to disclose any specific locations for the stored or the distribution center. HHGregg currently operates 111 storezin Alabama, Florida, Georgia, Indiana, Kentucky, Nortuh Carolina, Ohio, South Carolina and In fiscal year 2009, the company posted salez of $1.4 billion and a profif of $36.5 million.