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Conn's expected to file for bankruptcy
Posted on 7/12/24 at 6:32 pm
Posted on 7/12/24 at 6:32 pm
quote:
Conn’s, a discount home goods retailer with stores in Lafayette and Baton Rouge, could be closing stores as it considers filing for bankruptcy, Bloomberg reported.
Bloomberg reported the Texas-based chain is considering filing for Chapter 11 bankruptcy in the coming weeks. The furniture and appliance retailer announced last month it had delayed filing quarterly financial reports as it attempted to refinance debt.
Signs in front of the Baton Rouge store indicate it will close soon. Others across the country are being reported as set to close, but no indications show the Lafayette store, 3311 Ambassador Caffery Parkway, is set to close.
Conn’s has seen sales slide as its customers deal with rising inflation. For the year ending Jan. 31, the chain reported $903.7 million in product sales, compared to $986.6 million in sales for the fiscal year that ended Jan. 31, 2023.
In December, the chain acquired Florida-based W.S. Badcock, a furniture store, in an attempt to turn around its sales. But the company has struggled with integrating the business, according to Bloomberg.
Conn’s has more than 550 stores across 15 states and a distribution center in Port Allen.
The company's share price was trading at 61 cents on Friday, down from its peak at $25 in 2021.
LINK
I forgot Conn's existed until a few weeks ago when my mom's washer went out and they were the only appliance store that actually had appliances in stock. Home Depot and Best Buy have to order everything and Lowe's only keeps a few pieces in stock for anything they are running sales on that week.
23
Posted on 7/12/24 at 6:34 pm to stout
I've gotten a letter in the mail from them what seems like every week for the past few years asking me to go shop there and finance some stuff. I started just checking them in the dumpster without opening them after a while.
Posted on 7/12/24 at 6:38 pm to stout
quote:
down from its peak at $25 in 2021.
That’s the most surprising fact. How could Cajun Circuit City’s stock peak at the height of Covid.
Posted on 7/12/24 at 6:39 pm to stout
RIP Beaumont
Posted on 7/12/24 at 6:41 pm to ike221
quote:
RIP Beaumont
Their HQ is in the Woodlands
Posted on 7/12/24 at 6:41 pm to stout
quote:
I forgot Conn's existed
So did I, and I’ve gotten some good deals and quality products from them over the years.
Posted on 7/12/24 at 6:46 pm to stout
Had a nephew work at the one on the Westbank, based on his stories I could've told you this was coming years ago.
Posted on 7/12/24 at 6:47 pm to stout
quote:I would’ve never guessed anything was discounted there
a discount home goods retailer
Posted on 7/12/24 at 6:51 pm to stout
More baws are waking up and buying Speed Queen, therefore they don’t have to replace washers every few years.
Posted on 7/12/24 at 6:57 pm to GreenRockTiger
quote:
a discount home goods retailer
I would’ve never guessed anything was discounted there
Conn's: It's In The Name, Stoopid™
Posted on 7/12/24 at 7:00 pm to bayouteche
Just got a window unit for my shop there.
The only one in LC that fit the hole in the wall that wad already there with am AC in stock.
There was no one in there in the middle.of a Saturday. The workers were sitting in the home area in recliners and couches waiting for people to come in.
They did have a shitload of stock.
They sold me an 18k btu AC from the warehouse but it was damaged when they went to get it.
So they sold me a 24k BTU they had on hand for the same price. Really nice people in there.
Shame to see a business go down.
The only one in LC that fit the hole in the wall that wad already there with am AC in stock.
There was no one in there in the middle.of a Saturday. The workers were sitting in the home area in recliners and couches waiting for people to come in.
They did have a shitload of stock.
They sold me an 18k btu AC from the warehouse but it was damaged when they went to get it.
So they sold me a 24k BTU they had on hand for the same price. Really nice people in there.
Shame to see a business go down.
Posted on 7/12/24 at 7:00 pm to stout
Posted on 7/12/24 at 7:08 pm to Frank Belavis
(no message)
This post was edited on 10/1/24 at 12:56 pm
Posted on 7/12/24 at 7:10 pm to stout
Interviewed with their corporate office many many years ago. At that time, they were headquartered in Beaumont.
They moved their HQ to the Woodlands a few years back. Guess it was to draw from a larger pool of qualified workers vs Beaumont.
They moved their HQ to the Woodlands a few years back. Guess it was to draw from a larger pool of qualified workers vs Beaumont.
Posted on 7/12/24 at 7:12 pm to stout
They have been in business for the past 25 years? Who knew
Posted on 7/12/24 at 7:12 pm to stout
quote:
Conn's expected to file for bankruptcy
Just like most of their customers.
Got my TV for $29/month for 96 months
Posted on 7/12/24 at 7:14 pm to stout
Maybe now is the time to buy that stock and take a chance. Carvana was supposed to go under and their stock was down to $41 back in January. Today it's at $136.
Posted on 7/12/24 at 7:17 pm to PetroBabich
quote:
Maybe now is the time to buy that stock and take a chance. Carvana was supposed to go under and their stock was down to $41 back in January. Today it's at $136.
The fact conn’s outlasted sears is a testament to the company. They have zero online presence and I literally thought they were out of business for 2 decades.
I’m not saying don’t take a chance, but it better be $1k or under chance
Posted on 7/12/24 at 7:35 pm to stout
All this time I thought Conns was a SE Texas thing.
This post was edited on 7/12/24 at 8:28 pm
Posted on 7/12/24 at 7:43 pm to Stealth Matrix
quote:
Had a nephew work at the one on the Westbank, based on his stories I could've told you this was coming years ago.
I knew 2 decades ago it was going to happen. I dated a girl that worked there and every time I went I was the only one in the store. I'm surprised it lasted this long.
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