by THE WOODLANDS, Texas — Retailer Conn’s HomePlus has filed for Chapter 11 bankruptcy protection, a move that follows its announcement on Tuesday to close 71 stores in 13 states, along with an additional 35 locations for sister company Badcock Home Furniture & More.
The retailer filed in U.S. Bankruptcy Court for the Southern District of Texas late Tuesday as Conn’s Appliances, which includes the trade names Conn’s and Conn’s HomePlus.
The filing cited liabilities between $1 billion and $10 billion and assets also between $1 billion and $10 billion.
The move occurs amid a 7.8% decline in consolidated revenues for Conn’s latest fiscal year. For the full year, it also reported a net loss of $76.9 million, or $3.17 per share, compared to a $59.3 million loss in fiscal 2023.
In addition to the Conn’s store closings, sister company Badcock Home Furniture & More announced that it is closing 35 locations in seven states. Badcock, which the company acquired on Dec. 18 last year, contributed $68.4 million to total consolidated revenues for the fourth quarter.
Conn’s was listed at No. 24 on Home News Now’s 2023 listing of 125 Furniture and Bedding Retailers, with estimated revenues of $790 million.
Home News Now will continue to update this story as more details become available.
Home News Now columnist Brian Carroll contributed to this report.
