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hhgregg Continues Big-Box Juggernaut

4/18/2011 12:01:00 AM Eastern

INDIANAPOLIS – As it prepares to
open in the two new markets of Mobile,
Ala., and Pittsburgh, hhgregg
has also widened its war chest with a
new $300 million revolving credit line.

The amended credit facility, from
Wells Fargo and J.P. Morgan Chase,
increases the company’s maximum
borrowing capacity from $125 million
and extends the maturity date
to 2016. As part of the closing, the
chain also paid off all outstanding
term debt with $90 million of excess
cash.

Chief financial officer Jerry Aguilar
said the refinancing “provides hhgregg
with the appropriate capital
structure and liquidity position as it
moves closer to becoming a national
retailer.”

Indeed, the CE, appliance and
bedding retailer plans to open between
35 and 45 new stores this
year, on top of last year’s 43, as it
steadily works its way to becoming a
600-store chain.

This year’s focus will be in Chicago,
where hhgregg plans to open upward
of 20 stores in the fall, and in Miami
and Pittsburgh, where a build-out will
begin this spring. The company has
already begun recruiting to fill about
200 positions in four Pittsburgh-area
stores.

Other recent job postings, for
managers-in-training, commissioned
sales associates, warehouse staff,
and customer-service merchandisers,
were for new stores in Mobile;
Boardman, Ohio; and Myrtle Beach,
S.C. All are scheduled to open this
spring.