Conn’s Inc., the parent company of Badcock, recently filed for Chapter 11 bankruptcy protection, leading to the closure of 35 Badcock locations and 73 Conn’s HomePlus stores. However, both furniture chains have made the decision to shut down entirely.
While Conn’s has updated its website to reflect the closure of all 174 locations across 15 states, with Texas and Florida being the most affected, Badcock has yet to update its store closings page. Nevertheless, a noticeable “going out of business sale” banner can be found on the Badcock website’s homepage, echoing Conn’s announcement that “everything must go.”
Originating over a century ago as a small plumbing and heating business in Beaumont, Texas, Conn’s HomePlus expanded its operations to become an industry leader employing over 4,000 people. Similarly, Badcock, founded in Mulberry, Florida, 120 years ago, grew to encompass 380 stores across eight states. The merging of these two companies was anticipated to result in extraordinary growth; however, unforeseen challenges hindered their progress.
Conn’s has faced declining sales and a significant drop in stocks, with shares plummeting by more than 80% this year alone. Opening at an alarming price of $0.19 per share on Friday, the company also received a delinquency notification letter from the NASDAQ in June. Unfortunately, a specific timeline for store closures has not been provided by Conn’s.
As these furniture retailers prepare to bid farewell, customers are encouraged to take advantage of the current going-out-of-business sales, offering discounts between 30-50% sitewide and in-store. Interested buyers can visit the Badcock and Conn’s websites to shop online or locate a store nearby.
While it is unfortunate to witness the end of an era for these long-standing furniture brands, there is an opportunity for consumers to acquire quality furniture at significantly reduced prices.
Frequently Asked Questions:
Q: What has recently happened to Conn’s Inc. and Badcock?
A: Conn’s Inc. recently filed for Chapter 11 bankruptcy protection, resulting in the closure of 35 Badcock locations and 73 Conn’s HomePlus stores.
Q: Are both furniture chains completely shutting down?
A: Yes, both Conn’s HomePlus and Badcock have made the decision to shut down entirely.
Q: Are all Conn’s and Badcock locations closing?
A: Yes, Conn’s has updated its website to reflect the closure of all 174 locations across 15 states. While Badcock has not updated its store closings page, a “going out of business sale” banner can be found on their website’s homepage.
Q: How did Conn’s HomePlus and Badcock start?
A: Conn’s HomePlus originated as a small plumbing and heating business in Beaumont, Texas over a century ago. Badcock was founded in Mulberry, Florida 120 years ago.
Q: How many people are employed by Conn’s Inc.?
A: Conn’s HomePlus, the parent company, employs over 4,000 people.
Q: How many stores did Badcock have?
A: Badcock had 380 stores across eight states.
Q: Why did Conn’s face challenges?
A: Conn’s has faced declining sales and a significant drop in stocks, with shares plummeting by over 80% this year alone. They also received a delinquency notification letter from the NASDAQ in June.
Q: Is there a specific timeline for store closures provided by Conn’s?
A: No, a specific timeline for store closures has not been provided by Conn’s.
Q: Are there any discounts available during the going-out-of-business sales?
A: Yes, both Badcock and Conn’s are offering discounts between 30-50% sitewide and in-store.
Key Terms:
– Chapter 11 bankruptcy protection: A type of bankruptcy filing that allows a business to reorganize and continue operating while repaying debts.
– Going out of business sale: A sale held by a company before closing down, offering discounts to sell off remaining inventory.
– NASDAQ: Refers to the NASDAQ Stock Market, an American stock exchange where many technology companies are listed.
Suggested Related Links:
– Badcock
– Conn’s