Badcock Home Furniture Based in Savannah Declares Bankruptcy, to Close All Stores Nationwide
The business landscape in Savannah is set to change. Badcock Home Furniture & More, a long-standing retail chain whose history approaches nearly twelve decades, is slated to shutter all of its locations, a consequence of declaring bankruptcy.
Badcock Home Furniture’s Ill-fated Acquisition
In December 2023, the Badcock chain became part of the Conn’s HomePlus family, an acquisition that would in the end last only for a few short months. This sequence of events marks the complete exodus of a retailer from the market that, at its height, boasted in excess of 300 stores spread across the country. Part of the closure includes the stores under the Conn’s brand, with over 70 of them becoming victims of this economic downturn.
Declining Financial Performance
Conn’s HomePlus, in its financial disclosure in April for the fourth quarter, shared a bleak picture. The company’s total revenue experienced a year over year decrease of nearly 7.8%, translating into a whopping net loss of around $77 million. As growth stagnated and profits dwindled, the journey towards bankruptcy seemed all but inevitable.
Local Impact and Store Liquidation
The ramifications of this closure will be felt particularly in Savannah, where two branches of Badcock Home Furniture are located, and in Pooler and Rincon, yet more markets where the brand has a strong presence. However, for bargain hunters and discount shoppers, this closure will provide a sliver of opportunity in the form of upcoming liquidation sales. The doors of all Badcock stores are set to remain operational till around October 31, allowing for clearance sales before finally shutting down.
Fall of a Legacy Retailer
Badcock Home Furniture, with a humble birth in Mulberry, Florida, in 1904, over the years grew to become a household name associated with quality and durability. As such, its closure signals not just the eradication of a business, but the fall of a legacy retailer that marked the very landscape of American furniture retail.
Source: HERE News Network
Author: STAFF HERE HILTON HEAD
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