It represents the corpse of the dead founder, Mr. Gregg. He was decapitated and was torn limb from limb by crazed shoppers in a Black Friday sale gone wrong. What was left of his body was wrapped in some HH Gregg sales flyers and buried in an unmarked grave. The mascot is a macabre reminder to all HH Gregg Associates to be careful on Black Friday.
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http://bible.cc/1_corinthians/13-11.htm