TSL Express Daily News

THE WOODLANDS, Texas — Top 100 retailer Conn’s HomePlus, which also owns Badcock Home Furniture &more, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on July 23.

In the filing, The Woodlands, Texas-based retailer revealed it has estimated assets between $1 billion and $10 billion, as well as estimated liabilities between $1 billion and $10 billion to an estimated 25,001 to 50,000 creditors.

The filing covers Conn’s Inc. and affiliates Conn’s Appliances; CAI Holding; Conn Lending; Conn Credit I; Conn Credit Corp.; CAI Credit Insurance Agency; New RTO; W.S. Badcock ; W.S. Badcock Credit ; and W.S. Badcock Credit I.

Prior to the bankruptcy filing, Conn’s and Badcock began announcing a spate of store closures on their respective websites. Conn’s will close 71 showrooms, while Badcock is slated to drop 35.

Conn’s will exit 18 locations in Florida, nine in Texas, seven in Arizona, six in Colorado and Louisiana, five in Virginia, four in North Carolina, Oklahoma and Tennessee, three in South Carolina, two in Georgia and Mississippi and a single store in Alabama.

For Badcock, nine closures will take place in Tennessee with seven each in North Carolina and Alabama, five in Georgia, four in Virginia, two in Florida and one in South Carolina.

Conn’s acquired Badcock in December from Franchise Group, giving it a combined 553 showrooms at the end of 2023 according to Furniture Today’s 2024 Top 100. Based on those numbers, the loss of 106 showrooms represents around 19% of the combined group’s stores.