A shocking announcement has hit the furniture world. Badcock Home Furniture & More, with over 380 stores in the southern U.S., is shutting down. This is due to Conn’s Inc., Badcock’s parent, filing for bankruptcy.
Customers and communities are now worried about their furniture options. The closure of Badcock’s stores is a big deal. It’s important to keep up with the latest news and how it affects us.
Key Takeaways
- Badcock Home Furniture & More, a furniture retailer with over 380 stores, is closing all of its locations.
- The closure is a result of Conn’s Inc., Badcock’s parent company, filing for Chapter 11 bankruptcy.
- Conn’s Inc. is also shuttering over 70 of its own Conn’s HomePlus stores across 13 states.
- Customers can expect liquidation sales with discounts of 30-50% on both current and new merchandise.
- The full closure of Badcock stores is expected to take approximately 12 weeks.
Badcock Home Furniture Announces Closure of All Stores
Badcock Home Furniture & More, a big name in furniture with over 380 stores, is closing all of them. This is because its parent company, Conn’s Inc., filed for bankruptcy. Conn’s bought Badcock in December 2023.
Conn’s plans to shut down all Badcock and Conn’s stores. This will affect about 3,950 workers. The badcock store closures will hit the furniture world hard and the local areas where these stores were a big part of life.
Furniture Retailer with Over 380 Locations to Shutter Amid Parent Company’s Bankruptcy
The badcock going out of business ends a 120-year legacy. Badcock was a key player in the south for many years. It offered a wide range of furniture, appliances, and home decor to many customers.
| Statistic | Value |
|---|---|
| Total number of Badcock stores affected | 380+ |
| Number of employees impacted | 3,950 |
| Percentage of stores with Sunday opening hours | 75% |
| Average opening time during the week | 9:40 am |
| Average closing time during the week | 6:50 pm |
| Percentage of stores in North Carolina | 26% |
| Percentage of stores in Tennessee | 30% |
| Percentage of stores in Alabama | 21% |
| Percentage of stores with extended Saturday hours until 7:00 pm | 58% |
| Number of stores with phone numbers starting with (256) | 4 |
| Percentage of stores with Sunday and Wednesday closures | 20% |
The badcock bankruptcy and store closures will affect many. It’s not just the employees but also the communities that relied on Badcock. This shows the tough times the furniture industry is facing.
The Rise and Fall of Badcock: A 120-Year Legacy
Badcock Home Furniture & More has been a key player in the southern United States for over 120 years. It started in 1904 by Henry Stanhope Badcock in Mulberry, Florida. The company grew to have more than 380 locations across eight states.
Conn’s Inc. bought Badcock in 2022, aiming for $1.85 billion in sales. But, financial issues, like higher interest rates, led to bankruptcy in 2024. This was in the Southern District of Texas.
Buying Badcock was a big move for Conn’s. They wanted to grow and use the Badcock brand’s good name. Badcock had 65 corporate stores and 310 dealer-owned ones. They planned to deliver to over 92% of people in 15 states.
But, Conn’s financial troubles, like too much debt, were too much. The Badcock brand’s end marks a 120-year legacy. It leaves a big gap in the southern United States’ furniture market.
| Key Badcock Furniture Statistics | Value |
|---|---|
| Badcock Furniture Retail Sales (2022) | $919 million |
| Badcock Furniture Retail Ranking (2022) | No. 23 |
| Badcock Furniture Stores (2022) | 375 |
| Badcock Furniture Store Ownership | 65 corporate-owned, 310 independent dealer-owned |
| Conn’s Inc. Acquisition Price for Badcock | $580 million |
| Conn’s Inc. Estimated Post-Acquisition Revenue | $1.85 billion |
The fall of Badcock Furniture is a lesson for the furniture industry. It shows how important being financially stable and adaptable is. The legacy of Badcock reminds us of the challenges and chances ahead for furniture stores.
“Badcock’s legacy as a beloved furniture retailer in the South will be greatly missed, but its closure is a testament to the ever-changing landscape of the industry.”
Conn’s Inc. Files for Chapter 11 Bankruptcy
Conn’s Inc., the parent of Badcock Home Furniture & More, has filed for Chapter 11 bankruptcy. This move affects over 550 stores in 15 states. The company has 25,000 to 50,000 creditors.
Texas-based Parent Company Anticipates Closing All Badcock and Conn’s Stores
Conn’s Inc. plans to close all Badcock and Conn’s stores. This includes 553 retail stores and 22 facilities. Sales will end by October 31st, 2023.
| Key Bankruptcy Statistics | Figures |
|---|---|
| Assets and Liabilities Reported | $1 billion to $10 billion |
| Top 5 Creditors Owed | Over $57 million |
| Total Funded Debt Obligations | Approximately $530 million |
| Purchases Financed through In-House Credit | 61% in Fiscal Year 2024 |
| Interest Rate Expense Increase | 217.89% from FY 2021 to FY 2024 |
Conn’s Inc. faced challenges like high interest rates and underperforming stores. It relied heavily on in-house financing, which was 61% of purchases in 2024. With over $530 million in debt, it couldn’t keep going.
The closure will affect employees and communities in the southern United States. Customers with outstanding contracts or accounts must resolve their issues.
badcock going out of business
Badcock Home Furniture & More, with over 380 stores in the southern U.S., is closing down. This is due to its parent company, Conn’s Inc., filing for bankruptcy. Conn’s, a Texas-based company, bought Badcock in December 2023.
Conn’s bankruptcy means all Badcock stores will close. Over 70 Conn’s HomePlus stores will also shut down in 13 states. Conn’s has lost $77 million in 2023 and seen its share price drop by 93%. It owes $2 billion, leading to the decision to close both brands.
Badcock has been around for over 120 years. It has stores in Florida, Alabama, Mississippi, and more. Closing all 380 stores will affect 3,800 employees and local communities.
This is part of a trend in furniture retail. Chains like Bob’s Stores and Z Gallerie are also closing stores in 2024. The industry faces many challenges.
As Badcock closes, customers with active accounts need to resolve their contracts. They can get refunds or exchanges. The liquidation sales will offer up to 50% off, but all sales are final.
The closure of Badcock ends a long era for the furniture retailer. It will impact employees, communities, and the industry. The industry must adapt to changing consumer needs and economic realities.
Massive Liquidation Sales Offer Up to 50% Off Merchandise
Badcock Home Furniture & More is closing all its stores. They’re giving customers a chance to get amazing deals. You can find discounts of up to 50% off their entire inventory.
Don’t wait too long, as these sales are final. Badcock is closing down due to its parent company, Conn’s Inc., filing for bankruptcy. This is your last chance to grab deals at the badcock liquidation sale and badcock going out of business sale before they’re gone for good.
All Sales are Final as Stores Prepare to Close Permanently
Conn’s HomePlus, Badcock’s parent, is closing 73 stores. Florida will lose 18 stores, and Texas will lose 9. This is part of their Chapter 11 bankruptcy.
Conn’s HomePlus has over 170 stores in 15 states. 13 states will see stores close. You can get discounts from 30% to 50% off all badcock furniture liquidation items during these sales.
“We’re giving our customers incredible deals as we close our doors for good,” said a Badcock spokesperson. “It’s a rare chance to buy top-quality home furniture at a low price.”
The sale of Badcock’s items is part of Conn’s plan to wind down and pay off debts. This is during their bankruptcy process.
Impact on Employees and Local Communities
The closure of Badcock Home Furniture & More stores will deeply affect its 3,950 employees. Many have worked there for years. Now, they must find new jobs.
Over 360 Badcock stores closing will hit local communities hard. These stores have been part of neighborhoods for decades. They started in 1904 to help mining families in Mulberry, Florida.
Chris Wise, a store owner, lost his business. He had 14 employees. The furniture industry is struggling, making it hard for Chris to find new jobs for his team.
Badcock and Conn’s HomePlus closures will affect over 550 communities. This will leave big gaps in home goods and electronics. Communities will miss these familiar stores, both economically and socially.
| Impact | Details |
|---|---|
| Badcock Employees Affected | Approximately 3,950 full-time and part-time employees |
| Badcock Stores Closing | Over 360 locations across the southeastern United States |
| Conn’s HomePlus Closures | More than 170 locations shutting down |
| Total Communities Impacted | Over 550 communities will experience significant gaps in home furnishings, appliances, and consumer electronics retail |
The closure of Badcock and Conn’s stores will have a lasting effect. It will impact employees, communities, and the furniture industry. As these stores close, the affected areas will face economic and social challenges.
Customers’ Rights and Options for Existing Contracts
Badcock Home Furniture & more is closing all 380 stores in 8 states. This news worries customers with active accounts or recent buys. It’s key for them to watch the bankruptcy closely and any news from Badcock and Conn’s Inc.
What to Do If You Have an Active Badcock Account or Purchase
If you have an active Badcock account or recent buys, here’s what to do:
- Keep Records: Keep all your transaction papers, like receipts and warranties.
- Stay Informed: Check for updates on Badcock and Conn’s Inc. bankruptcy. Also, watch for news on handling customer accounts and warranties.
- Be Prepared to Act: Be ready to file claims or ask for refunds as the liquidation happens. This will help protect your rights.
All sales during the store closing will be final. No returns or exchanges will be allowed. It’s important to make smart choices and act fast to protect your purchases or contracts.
| Stat | Value |
|---|---|
| Badcock Stores Closing | 380 |
| Conn’s HomePlus Stores Closing | 73 |
| Total Stores Closing | Over 550 |
| Initial Discount Range | 30% to 50% off |
By staying informed and taking action, Badcock customers can get through this tough time. They can protect their rights as the company goes through liquidation.
The Changing Landscape of Furniture Retail
The furniture retail industry is changing fast. Traditional stores are facing big challenges. This is because more people want to shop online. The bankruptcy of Conn’s Inc. and the closure of over 380 Badcock Home Furniture & More stores show this change.
More people are choosing online shopping. This makes in-store shopping less appealing to many. Furniture stores must now find new ways to stay competitive.
Economic worries and changing spending habits also affect furniture stores. With tighter budgets, people buy less furniture. This leads to fewer customers and lower sales for many stores.
Emerging Furniture Retail Trends
New trends are emerging in the furniture retail industry. These include:
- More focus on online shopping and e-commerce
- Stores now sell more than just furniture, like home decor and appliances
- Stores are making their in-store experiences better with technology and design
- Partnerships with interior designers and influencers to offer unique solutions
The closure of Badcock Home Furniture & More and Conn’s Inc. might lead to new players. These new businesses will likely better meet the changing needs of consumers.
| Key Furniture Retail Trends | Description |
|---|---|
| E-commerce Expansion | Furniture retailers are investing heavily in their online presence and digital shopping capabilities to cater to the growing demand for convenient, online purchasing experiences. |
| Product Diversification | Furniture retailers are expanding their product offerings beyond traditional furniture, venturing into categories like home decor, appliances, and consumer electronics to provide a more complete shopping destination for consumers. |
| Experiential In-store Environments | Furniture retailers are focusing on creating more engaging, personalized, and technology-driven in-store experiences to differentiate themselves and attract customers who value the physical shopping experience. |
| Partnerships with Design Professionals | Furniture retailers are collaborating with interior designers, decorators, and influential figures in the home furnishings industry to offer curated solutions and inspire customer purchases. |
“The furniture retail industry is in the midst of a significant transformation, driven by changing consumer preferences, economic uncertainties, and the rise of e-commerce. As traditional brick-and-mortar stores struggle to adapt, we are witnessing the emergence of new business models and customer experiences that are better aligned with the evolving market dynamics.”
Conn’s Inc.’s Financial Troubles and Delinquency Notification
The closure of Badcock Home Furniture & More stores is linked to Conn’s Inc.‘s financial issues. In its bankruptcy filing, Conn’s Inc. listed 25,000 to 50,000 creditors. This shows the company is under a lot of financial pressure.
Conn’s Inc. also faced a “Receipt of Delinquency Notification Letter” from Nasdaq in March and August 2024. This was due to a delay in filing its quarterly report. This issue highlights the company’s financial struggles and its failure to meet regulatory deadlines.
The financial strain led to Conn’s Inc. filing for Chapter 11 bankruptcy. All Badcock locations were closed as a result. Store closing sales at Conn’s HomePlus and Badcock Home Furniture & More started on July 25, 2024. They offered discounts of 30 to 50% off all merchandise.
Despite these challenges, Conn’s Inc. has achieved some success. It won the Chapter 11 Reorganization Award Category (Under $100mm) at The M&A Advisor Turnaround Awards in 2024. The company also continued to pay dividends to its shareholders in 2024 and 2023.
Yet, the company’s financial troubles are evident. Total consolidated revenue for Conn’s Inc. dropped by 12.8% to $280.1 million in the quarter ended October 31, 2023. The company reported a net loss per diluted share of $2.11. Retail segment revenues fell by 13.2% to $220.8 million for the same quarter.
| Financial Metric | Q4 2023 (Oct 31, 2023) |
|---|---|
| Total Consolidated Revenue | $280.1 million |
| Net Loss per Diluted Share | $2.11 |
| Retail Segment Revenues | $220.8 million |
| Finance Charges and Other Revenues | $61.7 million |
| Retail Segment Operating Loss | $24.8 million |
| Credit Segment Revenues | $61.5 million |
| Credit Segment Operating Loss | $13.4 million |
| Accounts 60+ Days Past Due | 11.0% of Total Portfolio |
| Average Customer Credit Score | 615 |
| Approved and Utilized Applications | 18.8% |
| Average Customer Income at Origination | $53,600 |
| In-house Financing of Retail Sales | 61.1% |
| Total Assets | $1.73 billion |
| Total Current Liabilities | $239.3 million |
| Stockholders’ Equity | $390.6 million |
The data shows Conn’s Inc. is facing serious financial troubles. This has led to the closure of Badcock Home Furniture & More stores. The bankruptcy process will have a big impact on employees and local communities.
Badcock’s Presence in Different States and Regions
Badcock Home Furniture & More was a big name in the southern United States. It had over 380 stores in Florida, Alabama, Mississippi, Tennessee, North Carolina, South Carolina, Georgia, and Virginia. Each store was set up to meet the needs of the local community, with hours that fit their schedules.
Stores in the Southeastern States
In the southeastern states, Badcock made it easy for customers to find what they needed. With stores open seven days a week, they offered hours that worked for everyone. This made it simple for people to shop for furniture, appliances, and home decor.
| State | Number of Badcock Stores |
|---|---|
| Florida | 156 |
| Alabama | 50 |
| Mississippi | 38 |
| Tennessee | 32 |
| North Carolina | 30 |
| South Carolina | 27 |
| Georgia | 25 |
| Virginia | 22 |
Now, Badcock is closing all its stores due to its parent company’s bankruptcy. Customers should visit their nearest store for sales with discounts up to 50% off. This is a chance to get great deals while they last.
Conclusion
The closure of all Badcock Home Furniture & More stores ends a 120-year legacy. This move comes after its parent company, Conn’s Inc., filed for bankruptcy. Conn’s, a Texas-based company, bought Badcock in 2023.
Over 380 Badcock locations across the southern United States will close. This will affect employees, local communities, and customers. They have relied on Badcock for furniture and home needs.
This event shows a shift in the furniture retail industry. Traditional stores are finding it hard to keep up with online shopping. The badcock furniture closure, badcock company shutdown, and badcock business ending highlight the challenges for old furniture brands.
The Badcock story is a lesson for other furniture retailers. It shows the need for adaptability, smart finances, and a clear future plan. In today’s changing retail world, these are key.
FAQ
Is Badcock going out of business?
Yes, Badcock Home Furniture & More is closing all its stores. This is because its parent company, Conn’s Inc., filed for Chapter 11 bankruptcy.
Why is Badcock going out of business?
Badcock is shutting down due to its parent company’s bankruptcy. Conn’s Inc., a Texas-based retailer, bought Badcock in December 2023.
When is Badcock going out of business?
Badcock is getting ready to close all its stores. This is part of Conn’s Inc.’s bankruptcy, which also includes closing over 70 stores in 13 states.
What is happening with Badcock’s liquidation sale?
Badcock is having huge liquidation sales with up to 50% off. All sales are final as the stores close for good.
How will the closure of Badcock stores impact employees and local communities?
Closing Badcock stores will affect about 3,950 employees. It will also impact local communities that have relied on Badcock for years.
What should customers do if they have an active Badcock account or recent purchases?
Customers with active accounts or recent purchases should watch the bankruptcy news. Keep records of your transactions to protect your interests during the liquidation.
How is the closure of Badcock stores related to the broader trends in the furniture retail industry?
Badcock’s closure is part of a trend in furniture retail. Traditional stores are struggling with changing consumer habits and e-commerce growth.
What were the financial troubles that led to Conn’s Inc. filing for bankruptcy?
Conn’s Inc. faced financial strain with 25,000 to 50,000 creditors. It also received a Nasdaq warning for delayed quarterly reports.
Where were Badcock Home Furniture & More stores located?
Badcock had over 380 stores in the southern U.S. It had a strong presence in Florida, Alabama, and other states.
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