Last Chance for Deals: Home Goods Retailer Starts Discount Sales Before Store Closures
According to The Sun, Discount sales are in full swing at Conn’s Home Plus locations across the US, following the chain’s bankruptcy filing after more than 100 years of operation. With a history spanning over a century, Conn’s is now encouraging shoppers to take advantage of significant discounts while stocks last.
Bankruptcy Filing and Economic Challenges
Executives filed for bankruptcy in July, citing a variety of economic challenges that led to the company’s downturn. Conn’s reported assets and liabilities between $1 billion and $10 billion. The pandemic had a severe impact on sales, and the company also owed over $50 million to five major creditors, as noted by Retail Dive.
Ongoing Liquidation Sales
As part of the bankruptcy process, Conn’s stores are currently closing down, with liquidation sales taking place at several locations, particularly in Nevada. According to The Las Vegas Review-Journal, prices have been slashed by up to 80% as management rushes to clear out the remaining inventory. However, shoppers are advised that all sales are final.
The chain’s three Nevada locations are set to close by October 31, and liquidation sales are also happening in El Paso, Texas. Discounts on high-ticket items like computers and televisions range from 50% to 70%, as reported by The El Paso Times. It’s estimated that around 4,000 workers could be affected by these closures.
Acquisition of Badcock and Impact on Stores
In a bid for growth, Conn’s acquired Badcock in December 2023, but all Badcock locations will also be closing. The goal of the acquisition was to “catalyze” economic growth for both brands. Badcock has been part of the American retail landscape since 1904, at one time boasting a portfolio of 380 outlets across eight states.
Also read: Tostitos and Ruffles to Increase Chip Portions by 20% After Customer Complaints
Broader Retail Landscape of Store Closures
Conn’s and Badcock are not alone in the trend of store closures. Macy’s is also in the process of reducing its store portfolio, planning to shut down 150 outlets over the next three years. Executives indicated that these closures are part of a strategy to drive economic growth, echoing previous efforts that led to 125 outlet closures announced in 2020.
Additionally, other popular retailers such as Big Lots and Walgreens are closing stores. Walgreens Boots Alliance CEO Tim Wentworth announced that 1,200 stores will close over the next three years, with projections indicating that by 2027, one in seven Walgreens locations will be shuttered. Similarly, 7-Eleven has revealed plans to close 400 underperforming stores due to a “tough consumer spending environment.”
