Conn’s is starting liquidation sales at select stores across its operating area amid rumors that it is considering filing for bankruptcy.
The struggling, Texas-based retailer of furniture, mattresses, appliances and consumer electronics retailer is closing 71 stores in 13 states, with the locations to be shuttered listed on its website. Florida will see the largest amount of closings, with 18 stores going dark, followed by Texas, with nine closings.
Conn's is also closing stores in Alabama (one), Arizona (seven), Colorado (six), Georgia (two), Louisiana (six), Mississippi (two), North Carolina (four), Oklahoma (four), South Carolina (three), Tennessee (four) and Virginia (five). For the specific locations, click here.
The retailer currently operates more than 550 stores across 15 states. Of the total, 378 are dealer-owned as part of its franchise model.
Last week, Bloomberg reported that Conn’s is shuttering stores as part of a possible Chapter 11 bankruptcy filing, which could occur in the coming weeks.
Conn's has been struggling amid increased competition and amid a general downturn in consumer competition spending on discretionary purchases, including furniture. The company's total consolidated revenue declined 7.8% to $1.2 billion in 2023, with a 9.1% decline in total net sales and a 3.6% reduction in finance charges and other revenues.
In June, Conn’s received a delinquency notification from the Nasdaq Stock Exchange, indicating it was not in compliance with Nasdaq Listing Rule 5250 (the Rule) because of the company’s delay in filing its most recent 10-Q report for the quarter ended April 30.