Texas-based Furniture Company Closing Stores Across States amid Financial Troubles; Florida Worst Hit with 18 Store Closures
Conn’s HomePlus, a long-standing furniture and electronics retailer, has recently filed for bankruptcy and is unfortunately closing a significant number of its stores.
A Texas-based company recently filed for Chapter 11 bankruptcy protection due to declining sales in a challenging consumer spending environment. According to the filing, Conn’s has assets and liabilities valued at a minimum of $1 billion each.
Conn’s is set to close stores in multiple states, including Alabama, Arizona, Colorado, Florida, Georgia, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, and Virginia, as stated on the company’s website. Florida is expected to see a significant number of store closures, with 18 locations listed for closure. Texas is also facing closures, with nine stores affected.
Here are the states and the number of stores closing in each:
- Alabama: 1
- Arizona: 7
- Colorado: 6
- Florida: 18
- Georgia: 2
- Louisiana: 6
- Mississippi: 2
- North Carolina: 4
- Oklahoma: 4
- South Carolina: 3
- Tennessee: 4
- Texas: 9
- Virginia: 5
According to a spokesperson from Conn’s, the company is currently engaged in discussions with potential buyers to sell all or parts of the business and ensure job preservation as it undergoes the Chapter 11 process.
The company’s shares have experienced a significant decline of over 90% this year, prompting a delisting notice from NASDAQ a few weeks ago. The announcement of store closure was made on the company’s website.
In a strategic move, Conn’s acquired W.S. Badcock, a prominent home goods retailer operating in the southeastern United States as “Badcock Home Furniture & more”. The company’s recent acquisition has expanded its retail presence to over 500 stores across its two brands. Unfortunately, it has also resulted in the closure of 35 Badcock stores.
Furniture retailers are facing ongoing challenges following a surge in demand during the pandemic, especially due to the persistent issue of inflation that Americans are grappling with.
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