The 120-year-old furniture chain is closing all 380 stores after its parent company filed for bankruptcy, the latest in a string of brick-and-mortar businesses to collapse under high overhead and huge debt loads.
Badcock Home Furniture & More, which has stores across the South, announced a “closing down sale” on Tuesday.
The company was acquired last year by Texas-based furniture retailer Connie’s, which filed for bankruptcy last week.
Corne’s operates an additional 150 stores but has $2 billion in debt, according to the bankruptcy filing.
The publicly traded company finished 2023 with a net loss of $77 million, Cornes said in an April disclosure.
Corn’s stock has plummeted 93% this year, from $4.48 a share in January to now trading at $0.32.
The company recently Delisting Notice From Nasdaq.
Corns did not respond to a request for comment.
Cornes reportedly bought Badcock in hopes of boosting sales for the furniture chain as it expands across the southern United States.
Badcock has locations in Florida, Alabama, Mississippi, Tennessee, North Carolina, South Carolina, Georgia and Virginia.
Cornes and Badcock stores employ about 3,800 full-time staff and 150 part-time workers, according to the report.
Conn’s was founded in 1937 as a plumbing and heating company.
According to reports, the company started out selling refrigerators and then transitioned into a home goods and furniture store.
The company isn’t the only home goods company struggling amid unrelenting inflation.
Other furniture chains, including Bob’s Discount Furniture, Z Gallery and Mitchell Gold + Bob Williams, have also filed for bankruptcy this year.
Overall, U.S. retailers have announced plans to close about 2,600 stores in 2024.
These include Dollar Tree, Rue21, Rite Aid, 99 Cents Only and Express.
