National Home Retail Chain Closing 100 Stores, Considering Bankruptcy

With so many retailers declaring bankruptcy and going out of business, some chains are taking extreme measures to prevent that from happening to them, including closing down locations. To help with their issues, many companies just need to shutter a small percentage of their stores, typically the underperforming ones, but one national discount furniture, appliance, mattress and electronics retailer has announced plans to close about half of their locations.

According to TheStreet.com, Conn's HomePlus announced plans to close around 100 of their 160 stores in the coming weeks to help with financial losses they're facing. The Texas-based retailer, which has stores in Texas, Florida, Georgia, Alabama, Arizona, Colorado, Virginia, Tennessee, South Carolina, North Carolina, Oklahoma, Louisiana, New Mexico, Nevada and Mississippi, has been especially struggling since acquiring Badcock Home Furniture & More in 2023. The chain is considering liquidating the stores, but that hasn't been decided yet. Bloomberg spoke with people knowledgeable about the situation and learned the company is also considering filing for Chapter 11 bankruptcy.

Last month, Conn's announced that the Nasdaq Stock Market sent them a delinquency notification letter since they delayed the filing of their quarterly report, missing the deadline set by the U.S. Securities and Exchange Commission. While there is no word yet on which exact locations might close, there would be about 30 Badcock stores among them.

Conn's is headquartered near Houston and was founded over 130 years ago as a small plumbing and heating company. They wouldn't be the first retailer in recent months to shut down locations. Red Lobster, Pizza Hut, Boston Market, TGI Fridays, Popeyes, Tijuana Flats, Cracker Barrel, Applebee's, Sears, Pizza Hut, CVS, Walgreens and many others have done it.