Two bankrupt furniture retailers are now closing all stores due to ongoing financial challenges and compounding debt.
Conn’s and Badcock are both closing all of their stores nationwide, prompting the companies to initiate liquidation sales.
Badcock furniture, has been in business for more than 120 years and filed for Chapter 11 bankruptcy in late July.
The unexpected bankruptcy left customers perplexed and angry after orders were unable to get fulfilled.
“I signed my paperwork Tuesday bankrupt Wednesday. Tell me someone didn’t know something!! Bankruptcy is a process,” wrote one customer.
The Badcock location in Bonifay, Florida, posted published the following statement:
“We found out Tuesday afternoon, after 120 years, Badcock Home Furnishings and more will be closing ALL stores.
“Yes, EVERY store.
Like you, we are shocked and overwhelmed.
We feel like a family member has died.
We’ve shed many many tears over the last few days and have prayed more than we ever have.”
Badcock was purchased by Conn’s Furniture in 2022.
“What we didn’t know, was that Conn’s was already a sinking ship before acquiring Badcock,” the post from the Bonifay stores stated.
“We have thought of Badcock as the little lifeboat, floating out in the big ocean.
As Conn’s sunk deeper and deeper, they grabbed ahold of Badcock, sinking the little lifeboat with the big ship.”
Conn’s website reads, “Yes, all Conn’s stores are closing”.
Conn’s and Badcock have been holding liquidation sales in all stores.
They are still delivering items but have stopped offering financing, per TheStreet.
Both companies will completely close all stores by the end of October, though most stores will close sooner.
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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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