Home goods and furniture retailer Conn’s Inc. filed for Chapter 11 bankruptcy protection on Tuesday and announced plans to close several locations.
The company said more than 70 of its HomePlus stores in 13 states will shutter.
RITE AID TO CLOSE OVER TWO DOZEN STORES AMID BANKRUPTCY PROCEEDINGS
Conn's filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. FOX Business reached out to the company for comment.
Here are the states and the number of Conn’s HomePlus stores closing in each:
Reports had surfaced earlier in the month that a bankruptcy filing from the retailer could be imminent.
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In the Chapter 11 filing for Conn’s Inc., it estimated a range of $1 billion to $10 billion for its assets. Estimated liabilities were the same.
Conn’s also reported having an estimated 25,000 to 50,000 creditors.
The filing indicated Conn’s Inc. and several other entities affiliated with the company that also filed for bankruptcy want their cases to be jointly administered. One of those was W.S. Babcock LLC, a furniture company it has owned since December.
BOB'S STORES CLOSING ALL RETAIL LOCATIONS
In April, Conn’s said its total annual revenues dropped 7.8% year over year, totaling $1.2 billion. The company also posted a net loss of $76.89 million for the year.
The company operated 170 Conn’s HomePlus stores and nearly 380 Badcock locations as of the end of January.
