Home goods retailer Conn’s files for bankruptcy, to close over 70 stores

On Tuesday, home goods and furniture retailer Conn’s Inc. filed for Chapter 11 bankruptcy protection and announced plans to close over 70 HomePlus stores across 13 states.

The company filed in the U.S. Bankruptcy Court for the Southern District of Texas, estimating both assets and liabilities between $1 billion and $10 billion.

Conn’s reported having 25,000 to 50,000 creditors. The filing includes Conn’s and several affiliated entities, such as W.S. Babcock LLC, which will seek joint administration.

Earlier this year, Conn’s experienced a 7.8% drop in annual revenues, totaling $1.2 billion, and a net loss of $76.89 million, Fox Business has reported.

read more: https://www.foxbusiness.com/retail/home-goods-retailer-conns-files-bankruptcy-close-over-70-stores

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