BIG NEWS: 2 iconic retailers closing all stores in Chapter 11 bankruptcy
Sometimes, a retailer shows clear signs that it’s headed for bankruptcy, such as empty shelves or unusual inventory. That wasn’t the case for Badcock Furniture, a company with a history spanning over 120 years, which filed for Chapter 11 bankruptcy in late July, surprising both employees and customers.
Customer Reactions to the Unexpected Filing
The news of Badcock Furniture’s bankruptcy filing shocked and angered many customers, some of whom took to Facebook to express their frustration. One customer wrote, “I signed my paperwork Tuesday bankrupt Wednesday. Tell me someone didn’t know something!! Bankruptcy is a process.”
Even employees at local Badcock stores were blindsided. The Bonifay, Florida location shared an emotional post on Facebook: “We found out Tuesday afternoon, after 120 years, Badcock Home Furnishings and more will be closing ALL stores. Yes, EVERY store. Like you, we are shocked and overwhelmed. We feel like a family member has died. We’ve shed many many tears over the last few days and have prayed more than we ever have.”
The Impact of Conn’s Acquisition
Badcock Furniture was acquired by Conn’s in 2022, marking the beginning of the end for the long-standing brand. The Bonifay store’s Facebook post further explained, “What we didn’t know, was that Conn’s was already a sinking ship before acquiring Badcock. We have thought of Badcock as the little lifeboat, floating out in the big ocean. As Conn’s sunk deeper and deeper, they grabbed ahold of Badcock, sinking the little lifeboat with the big ship.”
Conn’s and Badcock Both Shutting Down
Initially, some Conn’s stores were expected to remain open after the bankruptcy announcement, but that has since changed. According to Conn’s website, “Yes, all Conn’s stores are closing.” The same is true for Badcock stores, with liquidation sales taking place in all locations. The companies have stopped offering financing, though they continue to deliver items.
Discounts and Sales Process
Badcock and Conn’s have been running liquidation sales, with discounts appearing only after items are added to a shopping cart. Despite the sales, prices on the website initially show at full retail value.
A Legacy Ending: Badcock’s Rich History
Conn’s and Badcock are expected to close all stores by the end of October, though many locations will shut down earlier as inventory dwindles. At the time of the Chapter 11 filing, Badcock operated 380 stores across eight states, including Florida, Alabama, Mississippi, Tennessee, North Carolina, South Carolina, Georgia, and Virginia. Conn’s had more than 170 stores in 15 states.
In the Chapter 11 filing, Conn’s disclosed that it employed approximately 3,800 full-time and 150 part-time workers across the two brands, operating 553 retail stores and 22 distribution and service facilities. The fate of both brands after the liquidation sales remains unclear, but any remaining assets may be auctioned, and a buyer could potentially revive one or both brands.
The End of an Era for Badcock Furniture
Badcock’s closure is particularly poignant, given the company’s long history. “Henry Stanhope Badcock founded the W.S. Badcock Corporation in 1904. An immigrant from England, Henry founded the first Badcock store in Mulberry, Fla,” according to the company’s website.
This chapter of Badcock’s history will come to an end by Halloween, though most stores will likely close sooner. The company has obtained permission from the bankruptcy court to offer retention bonuses to employees who stay through the final day.
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