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

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The Indianapolis-based company plans to open 40 to 45 new stores infiscal 2011, mainly in Baltimore, D.C., and Philadelphia. The retailer’s fiscal 2011 runs from Marc 2010 toMarch 2011. The expansion will be HHGregg’s (NYSE: HGG) initial foray into the mid-Atlantic and will folloqw onetime electronics giantCircuit City’s exit from the markett following bankruptcy. The new stores are part of an aggressivd growth strategy aimed at taking advantage of cheaop rental rates and excess realestatwe capacity, President Dennis May said in a statement.
The companh also plans to open a distribution center inthe mid-Atlantic The average HHGregg stores is 30,000 square feet and employzs 40 workers. The company said it has begu n to execute leases on thefuture stores, but a spokeswomah declined Wednesday to disclose any specificv locations for the stores or the distribution center. HHGregg currently operates 111 storesin Florida, Georgia, Indiana, North Carolina, Ohio, South Carolina and In fiscal year 2009, the company postedr sales of $1.4 billion and a profit of $36. million.