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Conn's expected to file for bankruptcy

Posted on 7/12/24 at 6:32 pm
Posted by stout
Porte du Lafitte
Member since Sep 2006
171183 posts
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.
Posted by WaterLink
Baton Rouge
Member since Sep 2015
18396 posts
Posted on 7/12/24 at 6:34 pm to
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 by lsuconnman
Baton rouge
Member since Feb 2007
3024 posts
Posted on 7/12/24 at 6:38 pm to
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 by ike221
Loo A Vul
Member since Aug 2006
13780 posts
Posted on 7/12/24 at 6:39 pm to
RIP Beaumont
Posted by stout
Porte du Lafitte
Member since Sep 2006
171183 posts
Posted on 7/12/24 at 6:41 pm to
quote:


RIP Beaumont


Their HQ is in the Woodlands
Posted by Ghost of Colby
Alberta, overlooking B.C.
Member since Jan 2009
12632 posts
Posted on 7/12/24 at 6:41 pm to
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 by Stealth Matrix
29°59'55.98"N 90°05'21.85"W
Member since Aug 2019
8743 posts
Posted on 7/12/24 at 6:46 pm to
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 by GreenRockTiger
vortex to the whirlpool of despair
Member since Jun 2020
48631 posts
Posted on 7/12/24 at 6:47 pm to
quote:

a discount home goods retailer
I would’ve never guessed anything was discounted there
Posted by bayouteche
The Beaches of Wham
Member since Nov 2012
1278 posts
Posted on 7/12/24 at 6:51 pm to
More baws are waking up and buying Speed Queen, therefore they don’t have to replace washers every few years.
Posted by Frank Belavis
New Orleans
Member since Jul 2020
164 posts
Posted on 7/12/24 at 6:57 pm to
quote:

a discount home goods retailer

I would’ve never guessed anything was discounted there

Conn's: It's In The Name, Stoopid™
Posted by thejudge
Westlake, LA
Member since Sep 2009
14391 posts
Posted on 7/12/24 at 7:00 pm to
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.
Posted by BPTiger
Atlanta
Member since Oct 2011
5535 posts
Posted on 7/12/24 at 7:00 pm to
Posted by lsuconnman
Baton rouge
Member since Feb 2007
3024 posts
Posted on 7/12/24 at 7:08 pm to
(no message)
This post was edited on 10/1/24 at 12:56 pm
Posted by LCrox
Alabama
Member since Sep 2019
286 posts
Posted on 7/12/24 at 7:10 pm to
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.
Posted by rowbear1922
Houston, TX
Member since Oct 2008
15411 posts
Posted on 7/12/24 at 7:12 pm to
They have been in business for the past 25 years? Who knew
Posted by Goldbondage
Member since Mar 2020
723 posts
Posted on 7/12/24 at 7:12 pm to
quote:

Conn's expected to file for bankruptcy


Just like most of their customers.

Got my TV for $29/month for 96 months
Posted by PetroBabich
Donetsk Oblast
Member since Apr 2017
4794 posts
Posted on 7/12/24 at 7:14 pm to
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 by rowbear1922
Houston, TX
Member since Oct 2008
15411 posts
Posted on 7/12/24 at 7:17 pm to
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 by CR4090
Member since Apr 2023
4323 posts
Posted on 7/12/24 at 7:35 pm to
All this time I thought Conns was a SE Texas thing.
This post was edited on 7/12/24 at 8:28 pm
Posted by saintsfan1977
West Monroe, from Cajun country
Member since Jun 2010
8305 posts
Posted on 7/12/24 at 7:43 pm to
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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