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Another national retailer with hundreds of stores has declared bankruptcy and plans to shutter all locations. Following in the steps of companies like Bed, Bath & Beyond, Tuesday Morning, The Body Shop, Christmas Tree Shops and many others, discount furniture, electronics and appliance retailer Conn's will be closing all 550 stores amid their bankruptcy.
The company filed for Chapter 11 bankruptcy this week and has already begun going-out-of-business sales at many of their locations. They hope to complete the sales and be fully shuttered by October 31.
Conn's actually owns two chains, Conn's Home Plus as well as Badcock Home Furniture & More. They previously revealed that they've been struggling with debt due to sluggish sales following their purchase of W.S. Badcock last year. More recently, they announced that the Nasdaq Stock Market sent them a delinquency notification letter because they delayed the filing of their quarterly report, missing the deadline set by the U.S. Securities and Exchange Commission.
Conn's, which had been headquartered near Houston in The Woodlands, Texas, first began over 130 years ago as a small plumbing and heating company in Beaumont, Texas. Their bankruptcy filing could happen in the coming weeks, but insiders noted that those plans could also change.