Conn's to close five underperforming stores
Furniture Today Staff -- Furniture Today, January 23, 2012
BEAUMONT, Texas - Retailer Conn's Inc. has announced it will close five stores this month, leaving it with 64 locations.
The Beaumont-based retailer of consumer electronics, appliances, furniture, mattresses, computers and lawn and garden products said that based on its continuing review of demographic information and market share opportunities, it identified five underperforming locations.
Conn's said the stores have average annual revenues of $5 million each. Two are in Dallas and the others are in Houston, San Antonio and Edmond, Okla.
The company said it will record asset impairment and lease charges in its fiscal 2012 fourth quarter financial statements.
"The closing of the five stores this month is a continuation of our previously communicated plan to evaluate our existing store base and close or relocate underperforming stores," said Conn's CEO Theodore Wright. "Additionally, we are progressing on our plans to open five to seven new stores in fiscal 2013, in areas with compelling demographic characteristics that we believe are favorable to our business model."
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Conn's to close five underperforming stores
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