Conn’s currently operates 186 locations in Alabama, Arizona, Colorado, Florida, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, Texas and Virginia.
The company filed for Chapter 11 bankruptcy on Tuesday, listing an estimated number of creditors of between 25,000 and 50,000 while having $2.4 billion in assets but $1.9 billion in debts, according to court documents .
In a call in April, the company told investors that it was down 7.8% year to year and that it had lost $77 million for the year, USA Today reported.
The company was founded more than 130 years ago as a small plumbing and heating company out of Beaumont, Texas. The current headquarters is in Woodlands, Texas.
Conn’s had been seeing declining sales and its shares losing about 90% of their value, CNN reported. The company is looking for potential buyers to either sell part or all of the business to.
It currently has 4,000 employees, according to the company’s website .
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