Conn's to Shutter 5 Stores

January 19, 2012  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on January 20, 2012 Beaumont, Texas-based home furnishings and consumer electronics retailer Conn's, Inc. (NASDAQ/NM:CONN) plans to close five stores.

Based on a review of the demographic information and market share opportunities of its current store base, the retailer has identified five underperforming store locations that it will close this  month.

The stores had average annual revenues of $5 million per store, and are located in Edmond, Okla.; Houston; San Antonio, and two in Dallas. Conn's is in the process of determining the long-lived asset impairment and lease charges that will be required to be recorded in its fourth quarter of fiscal 2012 financial statements. Upon completion of all announced store closures the company will have 64 retail locations.

"The closing of the five stores this month is a continuation of our previously communicated plan to evaluate our existing store base and close or relocate underperforming stores," said Theodore Wright, CEO. "Additionally, we are progressing on our plans to open five to seven new stores in fiscal 2013, in areas with compelling demographic characteristics that we believe are favorable to our business model."