Conn’s HomePlus listed more than $2.44 billion in total assets and nearly $1.95 billion in total debts as of Jan. 31.
THE WOODLANDS, Texas — Home goods retailer Conn’s HomePlus is closing 174 stores across 15 states, including six in Colorado.
The Woodlands, Texas-based company (Nasdaq: CONN) filed for voluntary Chapter 11 bankruptcy protection July 23 after declining sales and rising costs, Conn’s wrote in a court filing. It listed more than $2.44 billion in total assets and nearly $1.95 billion in total debts as of Jan. 31.
Conn’s filed for bankruptcy protection to “obtain time and breathing room” to conduct store closing sales and “pursue a court-supervised marketing and sale process for the company’s assets,” Norm Miller, company president and CEO, wrote in a declaration document to the court.
Late last week, Nasdaq notified Conn’s that it would soon be delisted from the Nasdaq Stock Exchange. Delisting proceedings and the suspension of its common stock trading could begin as early as Tuesday, …