The company has identified 70 HomePlus stores in 13 states for closing
![Consumer News: Conn’s declares bankruptcy, will close stores](https://ssl.gstatic.com/images/icons/gplus-16.png)
Conns, a home goods and furniture retailer, has filed for Chapter 11 bankruptcy protection and announced it will close 70 of its HomePlus stores in 13 states.
The companys financial struggles came to light earlier this year. In the first quarter of 2024, Conns reported its total revenue was down nearly 8% over the first quarter of 2023. It also reported a net loss of nearly $77 billion for its fiscal year.
Here are the states where HomePlus stores will close:
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Alabama: 1
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Arizona: 7
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Colorado: 6
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Florida: 18
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Georgia: 2
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Louisiana: 6
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Mississippi: 2
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North Carolina: 4
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Oklahoma: 4
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South Carolina: 3
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Tennessee: 4
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Texas: 9
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Virginia: 5
Possible litigation
At least two law firms have announced litigation plans on behalf of investors. -The Law Offices of Frank R. Cruz announces an investigation of Conn's, Inc., on behalf of investors concerning the Companys possible violations of federal securities laws.
The Law Offices of Howard G. Smith issued a similar press release, said it would investigate the firm on behalf of investors, who saw Conns stock price plummet in recent weeks.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-07-25 13:26:57