BEAUMONT, Texas — According to Bloomberg, Conn's HomePlus may soon be closing up to 100 of their stores.
Conn's started out as a humble plumbing and heating company 130 years ago in Beaumont.
However, by the late 1990's Conn's had grown into a powerhouse in the retail scene, making itself a into a staple of the southern United States.
The Woodlands based furniture chain currently operates about 170 stores with around 4,000 employees over 15 states in the southern US.
However, it seems change is coming soon for the company as they consider drastic action in the wake of numerous financial woes.
Conn's is reportedly facing three consecutive fiscal years of losses, and their shares have plummeted a staggering 80% as customers cut back on spending due to rising living costs according to Bloomberg.
In contrast with the Bloomberg report, Conn's has announced that they would be closing 71 stores in 13 states on their website. The Beaumont location is not mentioned among these closures.
Bloomberg also reported that the company could be filing for Chapter 11 bankruptcy "within a matter of weeks". However, they say nothing is set in stone and plans can change.
According to Nasdaq, 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) because of 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.