PHOENIX (AZFamily) — After more than 130 years in the furniture and electronics business, Conn’s HomePlus has filed for bankruptcy and will close some stores in Arizona.
The Texas-based company filed for Chapter 11 bankruptcy protection on Tuesday.
Conn’s Inc. has more than $2.4 billion in total assets and $1.9 billion in total debts, court paperwork said.
The retailer has been struggling with slumping sales amid a dip in discretionary spending, according to CNN.
According to its website, Conn’s is shutting 71 of its 170 stores, including seven in Arizona.
They are:
- Tucson
- Phoenix
- Chandler
- Tempe
- Yuma
Last month, Nasdaq Stock Market sent a delisting notice to Conn’s because it failed to file its quarterly reporter for the fiscal quarter.
Arizona is one of 13 states seeing Conn’s stores close. The rest are Alabama, Colorado, Florida, Georgia, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas and Virginia.
It’s unclear when the stores will close.
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