Electronics Retailer Fills Hole Left By Circuit City
Hhgregg to Open at Least 45 Stores Across Mid-Atlantic Region
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Thursday, July 9, 2009; 1:04 PM
With Circuit City's closed doors paving the way for growth, electronics retailer hhgregg announced Thursday it would move up its timetable for new stores opening in the Mid-Atlantic region, including the Washington area.
Baltimore, Maryland, the District and Richmond are all on the Indianapolis-based company's list of expansion markets. According to a news release, the Richmond area can expect to see multiple stores opening in the current fiscal year, which ends March 2010.
Between 40 and 45 stores will open in other markets, which include the Washington area and Baltimore, in fiscal year 2011.
The board of directors had previously approved 16 to 18 new openings for this year.
Hhgregg recently posted $1.4 billion in sales for fiscal year 2009, which ended in March, and a net profit of $36.5 million.
The 111 current stores, mostly in the southeastern United States, carry video products, appliances, and audio products.
Richmond-based Circuit City entered Chapter 11 bankruptcy last fall, and closed the doors of 567 stores nationwide earlier this year.
