BEAUMONT, Texas — All Conn's HomePlus locations around Southeast Texas are closing their doors after the company filed for bankruptcy on Tuesday.
The store closures include Conn's located on Memorial Boulevard in Port Arthur and both Beaumont stores located on Dowlen Road and the Gateway Shopping Center.
The furniture, appliances and electronics store, which started out as a humble plumbing and heating company over 130 years ago in Beaumont, filed for Chapter 11 bankruptcy protection after reportedly facing three consecutive fiscal years of losses.
Their shares have plummeted a staggering 80% as customers cut back on spending due to rising living costs, according to Bloomberg. Conn's is now closing nearly half of its 170 stores.
Conn’s HomePlus has assets and liabilities worth at least $1 billion each, according to the filing.
The Woodlands based furniture chain currently operates about 170 stores in over 15 states with around 4,000 employees in the U.S.
Conn's announced it received a delinquency notification letter from the Nasdaq Stock Market LLC, indicating that the Company was not in compliance with "Nasdaq Listing Rule 5250(c)(1)" due to the company’s delay in filing its quarterly report on "Form 10-Q for the fiscal quarter ended April 30, 2024 by the applicable due date" required by the U.S. Securities and Exchange Commission.
Nasdaq says that Conn's has 60 days, or until August 19, 2024, to submit to Nasdaq a plan to regain compliance with the Rule.
12News has reached out to Conn's and is awaiting a response.
This is a developing story, we will update if and when we receive more information.