120-year-old furniture chain to shut all 380 US stores in weeks - but will clear stock with massive bargains first

Badcock Home Furniture & More, a retailer based passim nan confederate US, announced Tuesday it would beryllium closing each azygous 1 of its stores.

The 120-year aged concatenation is owned by Conn's, which fell into bankruptcy conscionable past week thanks to astir $2 cardinal of indebtedness and tons of overhead costs - overmuch of which were associated pinch nan acquisition of Badcock past year.

Badcock has complete 380 stores in Florida, Alabama, Mississippi, Tennessee, North Carolina, South Carolina, Georgia and Virginia.

It's not clear erstwhile precisely they will shutter, but nan location equipment institution advertised a 'going retired of business sale,' wherever astir each items successful stores and online are discounted by 30 to 50 percent.

Conn's said it whitethorn beryllium basal to adjacent 'some, all, aliases a important number of shop locations' successful bid to summation liquidity and maximize nan worth of nan bankruptcy estate, according to nan July 23 filing. 

Conn's has closed 71 stores that carnivore its name, leaving conscionable complete 100 locations still operating. 

To liquidate its inventory, furnishings astatine Badcock stores are marked down by up to 50 percent. Bedding and electronics are up to 40 percent off, while appliances are 30 percent off.

With Badcock going under, Conn's has unopen down 451 of its 553 stores, meaning that complete 4 successful 5 of its locations will soon beryllium gone.

Conn's and Badcock stores employment astir 3,800 full-time and 150 part-time.

Headquartered successful The Woodlands, Texas, Conn's has been astir successful immoderate shape for 134 years.

First, it was a plumbing and heating institution and successful 1933 Carroll Wayne Conn, Sr. acquired nan store, giving Conn's its modern time namesake.

The shop first waded into unit pinch refrigerators successful 1937, but nowadays it sells everything from location appliances to TVs to furnishings and overmuch more.

For years now, Conn's struggled pinch increasing brick-and-mortar footprint.

That led to it buying Badcock successful December 2023 arsenic a last-ditch effort to summation income and support nan business afloat.

It didn't work.

In an April disclosure, Conn's announced it vanished retired 2023 pinch a year-over-year nett nonaccomplishment of almost $77 million.   

Conn's shares person been successful free autumn for complete 3 years, down an astonishing 98 percent since June 2021. Following nan bankruptcy, nan banal cratered moreover more, now sitting astatine astir $0.34 per share.

DailyMail.com approached Conn's for remark connected nan newest spate of closures and nan ongoing bankruptcy but didn't person an contiguous response. 

The astir caller woes Conn's and its subsidiary Badcock are facing travel amid a wide 'retail apocalypse' that is seeing bricks-and-mortar stores struggle to combat rampant theft and progressively tight margins. 

By nan extremity of April, US retailers had announced the closure of almost 2,600 stores successful 2024.  

Walmart, nan largest retailer successful nan US, has unopen 11 truthful acold this year.

Earlier successful April, dollar shop 99 Cents Only said it will shutter ALL its 371 shops, while Best Buy closed ten in March. 

Dollar Tree is closing 1,000, Macy's 150 - a 3rd of its full - and supplier shop Rite Aid 77.   

In caller months, location has been a spate of bankruptcies adding to shop closures.

Express - a promenade staple - revenge for bankruptcy successful April and said it would unopen 95 Express outlets alongside each of its UpWest stores.    

At nan commencement of May, Rue21 - nan teen manner concatenation that is simply a fixture successful malls crossed America -  also said it will unopen all  its 543 US stores.