A surprising home furniture retailer is now closing 100 stores in the coming weeks as a part of a larger plan to mitigate its losses.
Conn’s Furniture Plus, a Texas-based discount furniture chain, which sells everything from mattresses to refrigerators, is planning to close about 100 stores in the coming weeks
The company has reported three years of consecutive fiscal losses and has been particularly struggling since its acquisition of Badcock Home Furniture & More in late 2023.
The retailer is also reportedly considering filing for Chapter 11 bankruptcy, according to sources familiar with the matter.
It may file within the next several weeks, depending in part on how liquidation goes, which could see over 40% of Conn’s locations shutter permanently, per TheStreet.
Conn’s Furniture Plus currently operates around 85 stores in Texas and a total of 550 throughout the United States, with most locations clustered around the south.
The following states have at least one Conn’s location:
- Texas
- Alabama
- Arizona
- Colorado
- Florida
- Georgia
- Louisiana
- Mississippi
- Nevada
- New Mexico
- North Carolina
- Oklahoma
- South Carolina
- Tennessee
- Virginia
The company’s plans are not yet finalized and has not officially said whether it will proceed with a Chapter 7 liquidation.
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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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