Home Goods Retailers Badcock and Conn’s Announce Major Store Closures Across 13 States
Bankruptcy Filing Results in Closure of Over 70 Stores
Leading US home goods retailers, Conn’s HomePlus and Badcock Home Furniture & More are set to shutter a substantial portion of their operations amidst financial difficulties. After purchasing the latter in December 2023, Conn’s filed for Chapter 11 bankruptcy protection this week, on July 23. A consequent decision saw slated closure for at least 70 of their combined stores across 13 southern states.
Conn’s, pre-bankruptcy, had over 170 stores and over 4,000 employees situated in numerous locations across the south. States reported to face the brunt of the upcoming closures include Florida, Georgia, North Carolina, and South Carolina. Also, the earlier merger would have seen Badcock’s operations growing to over 550 stores across 15 states. With Badcock facing 35 closures, a far different scenario is now unfolding.
Reason for Conn’s Bankruptcy
The path to Conn’s bankruptcy became evident when their fourth-quarter earnings call in April revealed a severe 7.8% decline in total revenue, year over year. This downward trajectory culminated in a daunting net loss of nearly $77 million at the close of the fiscal year. The home goods retailer’s recent acquisition of W.S. Badcock appears to have added to their financial predicaments, rather than bolstering their market presence.
Locations Set for Closure
Several Southern stores will be greatly affected by the closures. In the Upstate area, two Conn’s locations are among those facing closure:
- • Greenville: 605 Haywood Road
- • Spartanburg: 106 Peachwood Center Drive
Other Closure-earmarked Conn’s stores in South Carolina include:
- • Florence: 2530 David McLeod Blvd
- • Rock Hill: 548 John Ross Parkway
- • North Charleston: 4960 Centre Pointe Drive
The Badcock store in Easley, located at 5659 Calhoun Memorial Highway, is also set to close.
North Carolina Closures
North Carolina will not remain unscathed with the following Conn’s stores already marked for closure:
- • Charlotte: 9567 South Boulevard
- • Charlotte: 5704 E. Independence Blvd
- • Greensboro: 3508 Gate City Blvd
- • Raleigh: 2900 E. Millbrook Road
These closures indicate a significant reshaping of the southern retail landscape. Both companies’ former and recently acquired employees will be closely monitoring the ongoing bankruptcy situation. As it unfolds, it will greatly determine their employment status, potentially affecting thousands.
