Conn’s Plans to Shutter More Than 70 Stores, Files for Bankruptcy Protection

Furniture World News Desk on 7/24/2024

Bloomberg.com recently reported that Conn’s Inc., the Texas-based specialty retailer of home goods, including furniture and mattresses, appliances, and consumer electronics, "has filed for bankruptcy amid lagging sales and trouble integrating a rival chain (W.S. Badcock LLC).

"The company sought Chapter 11 protection in Texas, court papers show. Conn’s listed assets and liabilities of at least $1 billion each in its bankruptcy petition."

Last week, Bloomberg noted that the chain, “is planning to shutter around 100 locations and liquidate the inventory as part of a bankruptcy filing planned for the coming weeks, according to people with knowledge of the matter.”

This follows an announcement in June that it received a delinquency notification letter from the Nasdaq Stock Market, indicating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule") because of the Company’s delay in filing its Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2024.

A list of over 70 Conn’s HomePlus® stores slated for closing can be found at https://www.conns.com/store-closings.

About Conn’s, Inc.: Conn's, Inc., is a specialty home goods retailer that sells furniture, mattresses, appliances, and consumer electronics. It operates over 550 stores across 15 states and online at Conns.com and Badcock.com and has approximately 4,000 employees.