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FBN's Jeff Flock at H.H. Gregg, which plans to open 14 new stores in one day despite the company's first quarterly loss.
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It has been a tough road for hhgregg which just posted its first quarterly loss in four years but instead of shedding jobs and closing doors the specialty electronics retailers actually expanding nearly tripling its store -- Jeff Flock joins us from one of the company stores in Chicago Jeff this really doesn't add up does it.
A poster of -- say you know that does not add up either but here hhgregg.
You're getting to see a very interest in seeing this is that nobody gets to see behind the scenes of the store before it opens.
They're just about to open what does it fourteen new stores.
One day fourteen stores in one day and this after a corporate your first quarterly loss ever -- -- possesses you to do this in the midst of well first of all we got great people second of all we got great real estate deals and the third thing is every market that -- in the customer likes our model.
-- truck -- his great.
Grandfather founded hhgregg in Indianapolis back in the fifties this is your latest crop of trainees and graduates are bigger is a big day this is their graduation -- and -- and their brand new store ready to put it together and if they -- open today they would may be -- -- Spencer are behind you see the store just ready to be outfitted with all the products and that sort of thing or take a look at is that the numbers on your company obviously founded in Indianapolis back -- 55.
Now how many employees how many stores you get like 204 stores yet close close to 6000 employees will finish this fiscal year were 210 stores.
In about sixteen states.
And the reason you expand now in even with a difficult economic times yet is because the customer has indeed at the end of the day they're the ones that keep us in business.
And every store every market the customer continues to like.
Our business model.
-- to take a look at the stock -- is the stock hasn't done tremendously well lately admit nobody stock is done well lately.
But this store here is one of the -- -- Dorsey used to be a Circuit City location.
And in fact more if you come back around the to be -- folks over here how many people used to be a Circuit City employee that lost their job and are now back to work.
There you go Seb several senior put -- folks back at work.
No trepidation when you see the markets to -- -- -- we look I think businesses always difficult at the end of the day if you're refrigerator goes out my guess is you're still gonna replacing your probably not -- downgrade to a cooler and an ice -- sell.
We're confident that those customers still need these products and where the best people to give a -- lot of room for expansion hhgregg.
Best Buy I look out in this to work Greg truck -- tells me is set up to appeal to women -- No offense Chris but apparently women make all the big decisions when it comes to.
Things like appliances and even television itself right do I did not know that.
We make a lot of.
Influential decision decisions on television shows thank you Jeff could really -- thank you for that I'm a little Italy is gonna make the next decision on buying me that -- eighty inch flat screen that they've got coming out.
It's gonna decide to do that this weekend you don't need anything bigger than -- -- got now.
