News Briefs

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. 

New tenants are arriving at the Runway Playa Vista mixed-use property on Los Angeles’ westside.

Located north of Los Angeles International Airport and just miles from the ocean, the property consists of more than 220,000 sq. ft. of retail space with anchor tenants like Whole Foods Market and Cinemark Theaters. 

Two tenants have already opened their doors at the property: Dri/kit, a maker of zero proof beverages for celebratory moments, and Black Beauty Collective, a specialty beauty shop featuring brands from Black founders, are the latest to open at the center.

Looking ahead, the property, which recently received a $9.1 million upgrade that included adding an acre of green space, will welcome the following tenants:

• Wild Child Gym, a boutique children’s play space, will open in June.
• Tia, a healthcare home for women, integrating comprehensive primary care, gym, mental health, and wellness, will open in July.
• Boba The Great, Larchmont’s specialty drink maker, is arriving this fall 
• Jack Henry, a men’s grooming and wellness studio, is set to open late June.
• Monarch Athletic Club, a science-backed one-stop health club offering movement, health, and wellness under one membership, is scheduled to open in early 2025.

[READ MORE: Store Expansion News: June update]

“We welcome the new arrivals to Runway and the Playa Vista community,” said Stenn Parton, founder and CEO of Prism Places, the firm that operates the property. “Runway offers the Westside of Los Angeles an experience our guests can’t find in many places today in Los Angeles — convenient, family friendly, and safe. Runway continues to thrive in today’s market, a true testament to the strength of the community of Playa Vista and its ability to maintain this momentum going forward!”

World Market is slated to open its newest location this week – with more on the way.

The Alameda, Calif.-based specialty retailer will open a 14,500 sq.-ft. store in Cincinnati at the Rookwood Commons & Pavilion shopping center on July 25. The new location will be the fifth World Market location in Ohio, joining the four currently in the Columbus area.

World Market plans continue its expansion throughout the United States with six additional new store openings slated before the end of 2024.

“World Market is excited to be returning to the greater Cincinnati area with the opening of our new store in Norwood,” said Eric Hunter, CEO of World Market. “We believe Rookwood Commons is the perfect location for us to reintroduce our brand to the community. We look forward to growing our customer base here for years to come.”

[READ MORE: Online spending in June grows past inflation]

World Market operates 239 stores in the U.S. featuring a rotation selection of casual home decor and furniture, housewares, gifts, jewelry, decorative accessories, over 500 international wines, and foods and beverages from more than 50 countries.

Wayfair is celebrating Black Friday a few months early. 

The online home furnishings giant will celebrate "Black Friday in July" with four days of sales, including flash deals that drop every 24 hours and a limited quantity of doorbusters at "jaw-dropping prices" across brands such as Blackstone, Cuisinart, GE and Sealy. The event, which includes free shipping sitewide, will kick off on July 26 at midnight ET.  

Customers can shop the sale online or in-person at Wayfair's stores, including its new large-format store in Wilmette, Ill., and at AllModern, Joss & Main and Birch Lane retail stores. The sale will run across Wayfair's brands. Wayfair Professional members will have access to Pro-exclusive deals. 

"We are excited to bring a Black Friday sale to our customers this July, with our best deals since Way Day," said Jon Blotner, chief commercial officer, Wayfair. "This sale provides our customers with tremendous value and selection to outfit their homes and businesses with just what they need to enjoy the rest of summer or prepare for back to school."

Wayfair generated $12.0 billion in net revenue for the year ended December 31, 2023. The company is headquartered in Boston.

Ross Stores opened two dozen stores in June and July, continuing its growth in several key states.

The discount apparel company opened 21 Ross Dress for Less locations and three DD’s Discounts stores across 17 different states in the two months. The new locations are part of the company's plans to add approximately 90 new stores, comprised of about 75 Ross and 15 DD’s Discounts locations, during fiscal 2024.

"These recent openings reflect our ongoing plans to continue building our presence in both existing and newer markets," said Richard Lietz, executive VP of property development at Ross Stores. "This summer, Ross expanded its footprint in several existing markets and added locations in Michigan, Minnesota, and New York, states we entered last year, while dd's also expanded its presence in Colorado, Pennsylvania and Texas. Looking ahead, we remain confident in our ability to grow to at least 2,900 Ross Dress for Less and 700 DD’s Discounts locations over time."

In its most recent financial report, Ross Stores reported better-than-expected first-quarter earnings and revenue even as inflation continues to squeeze its core shoppers. Ross’ net income totaled $488 million, or $1.46 a share, for the quarter ended April 29, compared with $371 million, or $1.09 a share, in the year-ago quarter. Revenue increased 8% to $4.9 billion, topping estimates of $4.83 billion. Same-store sales were up 3%, primarily driven by an increase in traffic.

[READ MORE: Major retailers see store visits rise in Q1]

Dublin, Calif.-based Ross Stores now operates a total of 2,148 locations in 43 states, the District of Columbia and Guam.

Conn’s may be downsizing its store portfolio. 

The struggling, Texas-based retailer of furniture, mattresses, appliances and consumer electronics may close about 100 locations and liquidate the inventory as part of a possible Chapter 11 bankruptcy filing, reported Bloomberg.  

Conn’s currently operates more than 550 stores across 15 states. Of the total, 378 are dealer-owned as part of its franchise model.  

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. Conn’s was given 60 days, or until Aug. 19, 2024, to submit to Nasdaq a plan to regain compliance.