Daily News
From Home Furnishing Business
Conn’s Files for Bankruptcy Protection, Will Close 70+ Stores
July 24,
2024 by Karen Parrish in Business Strategy, Industry 
In a filing with the. United States Bankruptcy Court of the Southern District of Texas, Conn’s Inc. filed for Chapter 11 Bankruptcy protection on July 23.
The bankruptcy filing came on the heels of the announcement that Conn’s would be closing at least 70 of its nationwide stores in a dozen states.
According to the filing, Conn’s has assets and liabilities over $1 billion each.
According to the fourth quarter fiscal year report, Conn’s completed the acquisition of W.S. Badcock in December 2023, focusing on integrating the two organizations, driving revenue and combining expenses. The acquisition contributed $68.4 million to the total consolidated revenue.
However, the total consolidated revenue declined due to a decline in net sales and reduction in other revenues, and continuing financial difficulties, and in addition to the Conn’s stores that are closing, there are additional Badcock & More stores that are closing.
In addition to the bankruptcy filing, Conn’s Inc. received a delinquency notice letter from Nasdaq, indicating they were late in filing their Quarterly report (Form 10-Q) and had 60 days to regain compliance.