Shop Now: Home Goods Retailer Announces Clearance Sales Before Closing 170 Locations
According to The Sun, Conn’s Home Plus, a home goods chain with over a century of history, has filed for bankruptcy, leading to significant liquidation sales across its stores. Executives filed for bankruptcy in July, citing various economic challenges that contributed to the company’s downturn.
Financial Struggles
The pandemic severely impacted Conn’s sales, and the company’s assets and liabilities are estimated to range between $1 billion and $10 billion. Additionally, Conn’s owes over $50 million to five major creditors, according to Retail Dive.
Liquidation Sales in Progress
As part of the bankruptcy proceedings, Conn’s stores are closing down, with liquidation sales currently underway. In Nevada, where stores are set to close by October 31, shoppers can find discounts of up to 80% as management works to clear remaining inventory. However, customers are advised that all sales are final.
Discounts on Home Goods
Stores in El Paso, Texas, are also holding liquidation sales, offering discounts of 50% to 70% on expensive items such as computers and televisions, as reported by The El Paso Times. The closures are anticipated to affect around 4,000 employees.
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Acquisition and Its Consequences
In December 2023, Conn’s acquired Badcock, a chain that has been part of the American retail landscape since 1904. Following the acquisition, all Badcock locations will also close, as Conn’s aimed to stimulate economic growth for both brands.
Broader Retail Trends
Conn’s and Badcock are not alone in facing store closures. Major retailers like Macy’s are also trimming their store portfolios, with plans to close 150 locations over three years to drive economic growth. This follows a previous announcement in 2020, when Macy’s executives revealed plans to shut down 125 stores.
Other popular chains, including Big Lots and Walgreens, are also facing closures. Walgreens Boots Alliance CEO Tim Wentworth stated that 1,200 stores would close over the next three years, with estimates suggesting that one in seven Walgreens locations may shut down by 2027. Similarly, 7-Eleven recently announced the closure of 400 underperforming stores, citing a challenging consumer spending environment.
