MJP –
After filing for Chapter 11 Bankruptcy last week and announcing the immediate closure of at least eight more stores in Texas, a popular retailer is planning to leave Austin, Texas, and this is just the beginning of the closures in the Lone Star State.
Traditional stores, particularly those with a lot of goods on hand, are having a tough time keeping up with the increasing costs of running their businesses.
Due to price gauging, some suppliers have been doing quite well in the present economic climate, but other shops are faced with the tough decision of either boosting prices or risking even fewer clients. In the end, it all boils down to sales, and Conn’s HomePlus has been struggling with those figures for a time now.
Source – B106
All of Conn’s shops in Southeast Texas are shutting down as the company files for bankruptcy. This massive Texas retailer is now closing multiple stores.
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This story from Fast Company states that there will be nine Conn locations in Texas closing immediately, including the one in Austin at 5431 North Interstate 35.
We will all have to wait for word on any more possible closures. At this time, the entire corporation is shutting down 71 stores.
Although they have its current headquarters in The Woodlands, Conn’s can be traced back to the 1800s in Beaumont.
Because the company could be bought out by another retailer or its assets could be sold off, the details of how this bankruptcy will unfold remain shrouded in mystery.
