A 134-year-old home goods retailer filed for bankruptcy and is closing more than 70 stores

[mahatmakanejeeves]

Business / Investing
A 134-year-old home goods retailer filed for bankruptcy and is closing more than 70 stores

By Jordan Valinsky, CNN
2 minute read • Updated 1:36 PM EDT, Wed July 24, 2024


A Conn's HomePlus store that is closing in Wichita Falls, Texas. Lynn Walker/USA Today Network

New York (CNN) — Conn’s HomePlus, a 134-year-old furniture and electronics retailer with locations primarily in the southern United States, has filed for bankruptcy and is closing nearly half of its 170 stores.

The Texas-based company, which filed for Chapter 11 bankruptcy protection on Tuesday, has been struggling with slumping sales amid a broader slowdown in discretionary spending among consumers. Conn’s has assets and liabilities worth at least $1 billion each, according to the filing.

The 73 Conn’s HomePlus stores closing are listed on its website. Florida is the most affected state with 18 stores soon shutting down, followed by Texas with 9 locations. Other states where stores are closing include Arizona, Colorado, North Carolina and Virginia.

A Conn’s spokesperson said that as the company goes through the Chapter 11 process, it “continues to have ongoing discussions with potential buyers to sell all or parts of the business and preserve jobs.” ... Shares of the company have fallen more than 90% for the year and the company received a delisting notice from Nasdaq a few weeks ago.

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[gab13by13]

1. Then it's time for Jerome to lower interest rates next week

after the meeting of Central bankers.

[TwilightZone]

3. The Fed isn't going to lower rates because one retailer went bankrupt.

If that's how they made decisions - in knee-jerk fashion based on every whim - the country would be in chaos.

[hlthe2b]

2. Damn.. The one nearest me took over an ill-fated location where JCPenney's, Shopko, Toys R Us and about

a half dozen other stores have tried to succeed.

I HATE, HATE, HATE that so many brick-and-mortar stores are closing. I am still upset about Bed, Bath, & Beyond and the plans for that vacant store seem likewise up in the air. Yes, I use Amazon, but I try to buy locally when I can. But I am but one very nonwealthy person.