Badcock Home Furniture & More, a 120-year-old retailer based in the southern US, is going out of business after announcing on Tuesday that it would close all of its roughly 400 stores.
Badcock, which has more than 380 stores in Florida, Alabama, Mississippi, Tennessee, North Carolina, South Carolina, Georgia and Virginia, is owned by Corne’s, which emerged from bankruptcy in July. Daily Mail report.
Cornes, which also sells furniture, appliances and other home goods, is reportedly saddled with around $2 billion in debt and struggling with huge overhead costs after acquiring Badcock in 2023, according to the outlet.
No closing date for the store has yet been announced, but Badcock is currently advertisement “Closing Sale” with up to 50 percent off products:
All Badcock stores are closing! Up to 50% off products while stocks last. www.badcock.com
Contributor Badcock Home Furniture etc. upon Monday, July 29, 2024
All Badcock stores have closed and 451 of Cornes’ 553 stores are part of a ‘clearance sale’ after the parent company decided to close many of its own Cornes Homeplus stores.
Not all of the company’s locations are expected to be closed, list Corne’s store closures are happening across the South, with a staggering 74 stores in Texas alone.
The company said in a July 23 court filing that it may need to close “some, all or a substantial number of its stores” to preserve liquidity and maximize the value of its bankruptcy estate. Daily Mail Obtained.
There are about 100 Cornes HomePlus stores remaining, but their future remains uncertain.
Cornes and Badcock stores employ around 3,800 full-time staff and 150 part-time employees, British media reported.
Other major retailers affected by large-scale store closures recently include: Dollar Tree, Only 99 centsand Rite AidBreitbart News reported.
