A Bankrupt Home Improvement Retailer Now Cuts Prices By 60%
A bankrupt home improvement retailer now cuts prices by 60% as it prepares to exit malls and close all of its stores nationwide.
Shoppers in Louisiana can enjoy discounts of up to 60% at Conn’s HomePlus as part of its store closing sale.
Conn’s was a home goods retailer operating in 15 states and employing over 4,000 people.
The location in Slidell, Louisiana, situated about 40 minutes from New Orleans, is closing at the North Shore Square Mall.
Local residents told Fox News outlet WVUE that they used to travel out of town to shop at Conn’s.
St. Tammany Parish President Mike Cooper noted the need for revitalization in the area, stating he has collaborated with city officials and the mall’s owners for years to improve it.
He mentioned the mall’s advantageous location near hotels and the airport but said there are no specific plans in place yet.
Currently, the mall is closed, and after Conn’s shuts down, only AtHome and Dillard’s will remain as anchor stores.
Conn’s is closing all its locations after 134 years in operation.
Based in Texas, Conn’s also had stores in Alabama, Arizona, Colorado, Florida, Georgia, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, and Virginia.
Initially, the company planned to close 73 locations but later decided to shut down all of its more than 170 stores, including 70 in Texas, 20 in Florida, 12 in North Carolina, and 11 in Louisiana.
The retailer has reported three consecutive years of losses, with some customers attributing this to high prices.
One Facebook user commented on the closures, stating that items were “way overpriced” and shared their disappointment over not finding affordable options during their visits.
In December, Conn’s aimed to improve its situation by acquiring WS Badcock, which operates as Badcock Home Furniture & More.
However, despite expanding its portfolio, Conn’s reported a 7.8% decline in revenue for 2023, according to an earnings call in April.
As part of the bankruptcy process, 35 Badcock stores will also close.
Many different types of retailers in the United States are currently facing closures.
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Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy
Other Economy News Today
A massive rental company with 34k locations now shuts down its operations after filing for bankruptcy and 22 years in business.
Users of movie rental company Redbox were left saddened after it was announced that it would be shutting down operations.
The announcement comes after the rental company’s parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy.
According to court documents obtained by the Washington Post, the Connecticut-based company claimed to be one billion dollars in debt.
As a result, Redbox, which was a staple of many grocery stores including Walgreens, and CVS will be shuttered.
Many fans took to social media to express how upset they were with the loss.
“I knew it was coming, sadly,” UltraVada wrote in a post on X, formerly Twitter.
“It was inevitable,” a second person mourned.
“I knew this would happen when I heard they filed for Bankruptcy but its still sad to hear. I have a lot of fun memories of Redbox,” a third person lamented.
“I still don’t think this will be or ever be the end of physical media as we do still get remasters of some movies in 4k/Bluray.”
One person revealed that they had forgotten the rental service had existed.
Some users were not surprised by the announcement.
“Not surprised since nobody really rents videos anymore with the rise of streaming and what not,” one user admitted.
“Also kinda remember getting into a feud with them on here.”
One user also pointed out that the last remaining Blockbuster, located in Bend, Oregon, managed to outlive Redbox.
Redbox was acquired by Chicken Soup for the Soul Entertainment (CSSE) in 2022 and became one of the company’s flagship video-on-demand streaming services.
At its peak, CSSE operated more than 20,000 DVD rental kiosks across the country.
The company’s filing means that the company’s more than 1,000 employees will be laid off, per The Wall Street Journal.
It was also reported by Deadline that many employees at CSSE hadn’t received their paychecks and had medical benefits cut in late June.
Also Read: This Massive Mall Retailer Is Now Closing In California
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