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A 134-year-old home goods retailer filed for bankruptcy and is closing more than 70 stores
Business / Investing
A 134-year-old home goods retailer filed for bankruptcy and is closing more than 70 stores
By Jordan Valinsky, CNN
2 minute read • Updated 1:36 PM EDT, Wed July 24, 2024
A Conn's HomePlus store that is closing in Wichita Falls, Texas. Lynn Walker/USA Today Network
New York (CNN) — Conn’s HomePlus, a 134-year-old furniture and electronics retailer with locations primarily in the southern United States, has filed for bankruptcy and is closing nearly half of its 170 stores.
The Texas-based company, which filed for Chapter 11 bankruptcy protection on Tuesday, has been struggling with slumping sales amid a broader slowdown in discretionary spending among consumers. Conn’s has assets and liabilities worth at least $1 billion each, according to the filing.
The 73 Conn’s HomePlus stores closing are listed on its website. Florida is the most affected state with 18 stores soon shutting down, followed by Texas with 9 locations. Other states where stores are closing include Arizona, Colorado, North Carolina and Virginia.
A Conn’s spokesperson said that as the company goes through the Chapter 11 process, it “continues to have ongoing discussions with potential buyers to sell all or parts of the business and preserve jobs.” ... Shares of the company have fallen more than 90% for the year and the company received a delisting notice from Nasdaq a few weeks ago.
{snip}
A 134-year-old home goods retailer filed for bankruptcy and is closing more than 70 stores
By Jordan Valinsky, CNN
2 minute read • Updated 1:36 PM EDT, Wed July 24, 2024
A Conn's HomePlus store that is closing in Wichita Falls, Texas. Lynn Walker/USA Today Network
New York (CNN) — Conn’s HomePlus, a 134-year-old furniture and electronics retailer with locations primarily in the southern United States, has filed for bankruptcy and is closing nearly half of its 170 stores.
The Texas-based company, which filed for Chapter 11 bankruptcy protection on Tuesday, has been struggling with slumping sales amid a broader slowdown in discretionary spending among consumers. Conn’s has assets and liabilities worth at least $1 billion each, according to the filing.
The 73 Conn’s HomePlus stores closing are listed on its website. Florida is the most affected state with 18 stores soon shutting down, followed by Texas with 9 locations. Other states where stores are closing include Arizona, Colorado, North Carolina and Virginia.
A Conn’s spokesperson said that as the company goes through the Chapter 11 process, it “continues to have ongoing discussions with potential buyers to sell all or parts of the business and preserve jobs.” ... Shares of the company have fallen more than 90% for the year and the company received a delisting notice from Nasdaq a few weeks ago.
{snip}
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