Conn’s Home Plus, which filed for Chapter 11 bankruptcy protection in the Southern District of Texas on July 23 according to multiple media reports, will close 71 of its 170 stores. The 134-year-old furniture and electronics retailer, which operates primarily in the South and Southwest U.S., will close 18 stores in Florida, nine in Texas and seven in Arizona.
For the fiscal year that ended Jan. 31, 2024, Conn’s generated total consolidated revenue of $1.2 billion, a 7.8% decline from the previous fiscal year due to a 9.1% net sales decline. Conn’s had purchased rival W.S. Badcock in December 2023 in hopes that the combined company would create “a leading home goods retailer with approximately $1.85 billion in retail sales across strong urban and rural markets in the southern U.S.,” according to a statement by Norm Miller, President and CEO of Conn’s.
Conn’s received a delinquency notice from the Nasdaq stock exchange in June 2024 for its late filing of a 10-Q form for the fiscal quarter that ended April 30, 2024.
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