Home goods and furniture retailer Conn’s Inc. filed for Chapter 11 bankruptcy protection on Tuesday and announced plans to close several stores.
The company announced it would close more than 70 HomePlus stores across 13 states.
Corns filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas.
FOX Business has reached out to the company for comment.
Here are the states that will close and the number of Conn’s HomePlus stores in each state:
- Alabama: 1
- Arizona: 7
- Colorado: 6
- Florida: 18
- Georgia: 2
- Louisiana: 6
- Mississippi: 2
- North Carolina: 4
- Oklahoma: 4
- South Carolina: 3
- Tennessee: 4
- Texas: 9
- Virginia: 5
Reports emerged earlier this month that the retailer may be facing bankruptcy filing.
In its Chapter 11 bankruptcy filing, Cones estimated its assets at between $1 billion and $10 billion, with the same estimated liabilities.
Corns also reported that there are an estimated 25,000 to 50,000 creditors.
Cornes and several companies related to it, which also filed for bankruptcy, want their cases managed jointly, according to the filing.
One of those companies is W.S. Babcock LLC, a furniture company it has owned since December.
Cornes reported in April that its total annual revenue fell 7.8% from a year ago to $1.2 billion.
The company also reported a net loss of $76.89 million for the year.
The company operated 170 Conn’s HomePlus stores and about 380 Badcock stores as of the end of January.
