Conn's Inc. Files for Chapter 11 Bankruptcy
Jul/31/2024
Conn’s Inc. filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas on Tuesday, planning to liquidate its business, including all 550-plus stores. The furniture and home goods retailer has initiated going-out-of-business sales at approximately 105 locations under its Conn’s HomePlus and Badcock Home Furniture & More banners. Conn’s reported assets and liabilities each ranging from $1 billion to $10 billion, with top creditors owed over $57 million and total obligations reaching about $730 million. CEO Norman Miller attributed the bankruptcy to multiple factors, including the costly acquisition of rival W.S. Badcock and a slowdown in consumer demand for home goods due to rising inflation and interest rates. The company has sought court approval to complete its sales by October 31 and to reject store leases. Conn’s, which started selling appliances in Texas in 1937, employed about 3,800 people across 15 states at the time of its filing. The tag clouds below display pending and registered trademarks by Conn's Inc. in the U.S.
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