Conn’s HomePlus, a discount home goods retailer with stores in Lafayette and Baton Rouge, could be closing stores as it considers filing for bankruptcy, Bloomberg reported.
Bloomberg reported the Texas-based chain is considering filing for Chapter 11 bankruptcy in the coming weeks. The furniture and appliance retailer announced last month it had delayed filing quarterly financial reports as it attempted to refinance debt.
Signs in front of the Baton Rouge store indicate it will close soon. Others across the country are being reported as set to close, but no indications show the Lafayette store, 3311 Ambassador Caffery Parkway, is set to close.
Conn’s has seen sales slide as its customers deal with rising inflation. For the year ending Jan. 31, the chain reported $903.7 million in product sales, compared to $986.6 million in sales for the fiscal year that ended Jan. 31, 2023.
In December, the chain acquired Florida-based W.S. Badcock, a furniture store, in an attempt to turn around its sales. But the company has struggled with integrating the business, according to Bloomberg.
Conn’s has more than 550 stores across 15 states and a distribution center in Port Allen.
The company's share price was trading at 61 cents on Friday, down from its peak at $25 in 2021.
Timothy Boone contributed to this report.