Troubled electronics and home goods retailer Conn’s has commenced going-out-of-business sales after it filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas.
When it filed for Chapter 11, Conn’s put through a second petition asking the court to consider liquidation, ostensibly to prepare for a sell off if no other alternative arose. Conn’s initially stated it would close 70 stores as part of its attempt to emerge from Chapter 11, but it quickly became evident the company’s chances of escaping bankruptcy were slim.
In an earlier indiction the company financial erosion, Conn’s announced on June 26 it had received a delinquency notification letter from Nasdaq Stock Market due to the company’s delay in filing its report for the fiscal quarter ended April 30. Conn’s filed for Chapter 11 bankruptcy on July 23.
The liquidation includes the company’s Conn’s HomePlus store network and W. S. Badcock operation acquired in December of 2023. Conn’s acquired Badcock with the intention of leveraging synergies between the two companies’ credit operations and product assortments. Badcock Home Furnishings & More stores feature furniture, decor, mattresses, home appliances and electronics.
In a landing page banner on the Conn’s website, the company announced a going-out-of-business sale with 30% to 50% off on the website and in stores. It also announced it would no longer provide in-house credit. The Badcock site included similar messaging on its home page. Conn’s had made no public statement at the time of or immediately its bankruptcy filing.
Riley Retail Solutions, which is managing the Conn’s liquidation, announced that is conducting going-out-of-business sales at more than 550 Conn’s HomePlus and Badcock Home Furnishings & More stores across Alabama, Arizona, Colorado, Florida, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, and Virginia.
