Appliance and electronics seller hhgregg Inc. (HGG) has agreed
to allow retailer The Cellular Connection to sell Verizon Wireless
products at kiosks in hhgregg's stores.
Financial details of the agreement weren't disclosed. The kiosks
will "offer a full array of Verizon Wireless customer support,
products and services," The Cellular Connection said. Verizon
Wireless, the biggest wireless carrier in the U.S., is jointly
owned by Verizon Communications Inc. (VZ) and the U.K.'s Vodafone
Group PLC (VOD, VOD.LN).
The Cellular Connection, which bills itself as "the largest
Verizon Wireless premium retailer in the Midwest," said it will
begin opening the kiosks late this month, and they will be up and
running by the end of this year. There are currently 157 hhgregg
stores.
The new kiosks are expected to generate more than 500 jobs for
The Cellular Connection across the 15 states in which hhgregg
currently operates.
Hhgregg last month said its fiscal fourth-quarter profit dropped
28% as its same-store sales and margins fell and new store openings
increased expenses.
Shares of hhgregg closed at $27.26 on Friday and were inactive
premarket. The stock has risen 78% in the past year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855;
nathan.becker@dowjones.com