Major furniture chain Badcock to shut all its stores after 120 years t.co/LzyqaUMB1v pic.twitter.com/MoPqq4u9F6
— New York Post (@nypost) August 1, 2024
A 120-year-old furniture chain will shutter all 380 stores after its parent company filed for bankruptcy — the latest brick-and-mortar business to buckle from high overhead costs and massive debt.
Badcock Home Furniture & More, which has stores throughout the South, announced a “going out of business” sale Tuesday.
The company was purchased last year by Conn’s, a Texas-based furniture retailer, which filed for bankruptcy last week.
Conn’s operates an additional 150 stores but has amassed $2 billion in debt, according to the bankruptcy filing.
The publicly traded company finished 2023 with a net loss of $77 million, Conn’s said in an April disclosure.
Conn’s shares have plummeted 93% this year. The stock opened at $4.48 in January and now sits at $0.32 a share.
nypost.com/2024/08/01/business/major-furniture-chain-badcock-to-shut-all-its-stores-after-120-years/