After 130 years in the retail sector, the company announced the definitive closure of its branches and the liquidation of its products.
The American furniture, mattress and electronics company, known as Conn’s Inc.announced that it will adhere to article number 11 of the bankruptcy law for not being able to meet its financial obligations. In this way, it will close more than 70 branches that it has in 13 North American states.
Citing the consequences of the consumption changes that were adopted after the pandemic and with increasing difficulties in adapting to the new digitalized market, it faced significant losses and could not overcome the transition to online sales models. In 2024 the company reported a loss of $76 million.
Conns Inc closing
What will happen to the stores and their customers after bankruptcy?
Although the managers requested bankruptcy protection from the court specialized in these cases in the United States, before that they launched a liquidation of all of their products with a discount of 80% to give their customers the possibility of buying them at low prices.
The company’s destiny is to close more than 70 of its HomePlus stores, present in 13 North American states. In their court filing, they stated that the company had assets between $1 billion and $10 billion, although the estimated liabilities were the same.
However, during 2024, the firm lost $76 million. Faced with this situation, he took refuge in the bankruptcy law to be able to pay his debts with more time.
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
