A massive furniture store is now closing locations in South Carolina after the 130-year-old company announced its bankruptcy filing.
Conn’s Inc., has now files for Chapter 11 bankruptcy.
Unfortunately, the company struggled financially, leading operations nationwide to begin shutting down permanently.
Out of its 550 stores across 15 states, five locations are closing in South Carolina.
Earlier, Conn’s Furniture announced that it would close a total of 71 stores nationwide.
However, no one suspected the company would file for bankruptcy, seeking approval from courts of going-out-of-business sales and permission to terminate its store lease agreements.
Conn’s reported a net loss of nearly $77 million at the end of 2023, a 30% increase from the previous year.
The company also received a delinquent notice from Nasdaq for failing to file its quarter 1 report on time.
Which Conn’s stores are closing in South Carolina?
Below is a list of the furniture stores closing in the state of South Carolina:
- 605 Haywood, Greenville
- 106 Peachwood Center Dr, Spartanburg
- 548 John Ross Parkway, Rock Hill, South Carolina
- 4960 Centre Pointe Dr, North Charleston
- 2530 David McLeod Blvd, Florence
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.
Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.
The company said the select stores across the Northeast will be closed before the end of the year.
Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.
In May, the company announced the coming store closures.
“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.
The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”
Fortunately, employees will be offered other positions within the company, according to a press release.
The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.
Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.
Which grocery stores are closing?
In New Jersey, 10 locations will close, while only seven will close in New York.
Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.
Five stores will also be closing in Connecticut.
As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.
Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.
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