Bankrupt furniture chain with 550 locations will close down 73 stores after 134 years in business with sales up to 50%

A BELOVED furniture and electronics chain has filed for Chapter 11 bankruptcy and is set to shutter 73 locations.

After 134 years in business, Conn’s HomePlus is sending off shoppers with discounts of up to 50%.

Texas-based furniture company Conn’s HomePlus filed for Chapter 11 bankruptcy protection this week on July 23.

The retail chain has been struggling with decreased sales and has also been hit by a general drop in consumer discretionary spending.

Conn’s HomePlus has assets and liabilities worth a minimum of $1 billion each, per the bankruptcy filing.

As part of the bankruptcy process, the furniture and electronics retailer will close 73 locations.

Florida will see the most Conn’s HomePlus shutters with 18 locations closing soon, followed by Texas with nine stores and Arizona with seven.

Other states such as Colorado, North Carolina, Virginia, Mississippi, and Oklahoma will also have closures.

The furniture operates over 170 Conn’s HomePlus locations across 15 states in the southern US, with 13 states slated to see closures.

As the beloved retailer closes locations after over a century of operation, it is hosting a going-out-of-business sale.

Conn’s HomePlus is offering customers 30% to 50% off everything online and in-store.

FURNITURE FLOP

As Conn’s HomePlus proceeds through the Chapter 11 bankruptcy process, it “continues to have ongoing discussions with potential buyers to sell all or parts of the business and preserve jobs,” per a spokesperson.

Company shares have dropped over 90% for 2024 and Conn’s HomePlus received a delisting notice from Nasdaq a few weeks ago.

The furniture retailer’s total revenue was down 7.8% from last year, and it faced a net loss of nearly $77 million for 2024, Conn’s HomePlus shared in its fourth-quarter earnings call in April.

At the end of last year, the company acquired W.S. Badcock, another home goods store that operates under the name Badcock Home Furniture & more.

Between the two brands, the retail footprint of Conn’s HomePlus rose to over 550 stores.

However, Badcock Home Furniture & more also has plans to shutter 35 locations.

Many furniture retailers are struggling in the wake of the pandemic boom when there was an increase in demand and sales for furniture, home improvement, and technology.

High-cost items like furniture have quickly vanished from budget-conscious consumers’ shopping lists.

The result is bankruptcy filings within the past year from furniture companies such as Z Gallerie and Mitchell Gold + Bob Williams.

Online furniture retailer Wayfair has also drastically reduced its workforce.

In other store closing news, a Whole Foods rival confirmed it would close three stores in the same state.

Plus, Red Lobster quietly shuttered another seven restaurants.