Daily News
From Home Furnishing Business
Conn’s Inc. & W.S. Badcock Conduct Beneficial Transaction
December 19,
2023 by HFBusiness Staff in Business Strategy, Industry 
Conn’s, Inc., specialty retailer of home goods, including furniture and mattresses, appliances, and consumer electronics, announced that it has reached a deal that has resulted in W.S. Badcock LLC, leading home furnishings company in the southeastern U.S., becoming a wholly-owned subsidiary of the Company.
The all-stock transaction was unanimously approved by Conn’s Board of Directors. Conn’s also announced that Norman L. Miller has been named President and CEO of Conn’s, Inc.
Mr. Miller has served as a Conn’s Board Member since Sept 2015 and as interim President and CEO since Oct 2022. He previously served as Conn’s President and CEO from Sept 2015 to Aug 2021 and Executive Chairman from Aug 2021 until April 2022.
Founded in 1904, Badcock operates nearly 380 stores in eight southeastern states comprised of 65+ corporate locations and 310+ independent dealer owned stores. Mitchell Stiles, president and COO of Badcock, will lead Badcock and report to Conn’s CEO, Norm Miller.
“Today’s announcement represents one of the most significant events in the Company’s over 120-year history,” said Bob Martin, Conn’s lead independent director. “The combination immediately positions Conn’s as a leading home goods retailer across the southern U.S.”
“It also supports our existing strategic growth priorities by providing our unmatched payment options, leading eCommerce capabilities, and premium shopping experience to more customers... The Badcock transaction significantly enhances Conn’s scale allowing us to leverage a powerful infrastructure and deliver strong financial returns for many years to come.”
The transaction brings together two highly complementary companies with significant reach across 15 states and powered by best-in-class payment offerings, compelling eCommerce capabilities, and a premium shopping experience.
Norm Miller, president and CEO of Conn’s, said, “Today's announcement transforms Conn’s into a leading home goods retailer that is expected to have $1.85 billion in revenue across strong urban and rural markets in the southern U.S. We believe the combination of these two complementary businesses will produce significant value as we pursue credit driven revenue growth strategies, enhance Badcock’s in-house credit offering, and leverage a more diverse and larger organization.”
“For over 120 years, both Conn’s and Badcock have provided customers with home goods they want, at prices they love, with affordable payment solutions. We look forward to building on this legacy by leveraging Conn’s capabilities, expertise, and innovation to support greater opportunities for our combined communities, customers, dealers, and employees. As a result, we are confident this combination will produce significant long-term value for all of our shareholders.”
Mitchell Stiles, president and COO of Badcock, said, “Conn’s and Badcock share complementary business models, histories, and customers, and the expected revenue and cost synergies are extremely powerful.”
“The enhanced scale of the combined company creates one of the largest home goods retailers in the southern U.S. We believe both our dealer and corporate owned stores will benefit from Conn’s customer centric culture, best-in-class payment solutions, expanded product assortment, and leading eCommerce platform. On behalf of everyone at Badcock, I look forward to working with Norm and his team as we integrate the two companies and drive long-term, profitable growth.”