A POPULAR furniture chain has issued a statement after revealing that all 380 stores will close.
Badcock Furniture & More stores will cease to exist before the end of the year.
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The retailer posted a candid explanation on Facebook.
“We want to extend our sincere gratitude for being a valued customer of Badcock Home Furniture and more,” the post read.
“Regrettably, we will close and all stores will close in the coming months.
“We understand this raises questions and we have compiled some of the most frequently asked questions to help ensure a smooth transition for all of our customers.”
Read more about store closures
The company has not announced the exact date when all stores will close.
After 120 years in business, the retailer announced its closure last month.
Conn’s HomePlus, owner of Badcock, went bankrupt and had no choice but to close the major furniture chain.
All stores will close until October 31st.
Loyal shoppers flooded the comments of Badcock’s post to express their disappointment.
“It’s so sad to see all these hard-working people lose their jobsmany of these people have given many years of their lives to this company,” said one comment.
“I hate that this happened to this company,” wrote another.
Badcock stores across the US are offering huge sales to try and sell as many as possible before their doors close for good.
“All Badcock stores are closing! Up to 50% [off] merchandise while stocks last,” the chain said on social media at the end of last month.
“This is so sad. We have a lot of furniture that came from Badcocks,” wrote another customer.
“Badcock has always been good for people in small towns. You can always get quality furniture without breaking the bank.”
BADCOCK’S STORY
The furniture chain is largely based in the southeastern US.
The closure of all Badcock stores comes after Conn’s HomePlus filed for Chapter 11 bankruptcy protection on July 23.
How does bankruptcy work?
Bankruptcy is a specific legal process that helps businesses eliminate debts they cannot pay.
The process allows businesses to start from scratch and gain access to new credit.
Overseen by federal courts, bankruptcies allow a company to more easily sell its assets to pay creditors, according to Investopedia.
Chapter 11, a common process for businesses, is used to restructure a business with the goal of staying open — even if it means selling most of the company’s properties.
Chapter 7, on the other hand, sells all of a company’s assets, putting it out of business.
Chapter 15, alternatively, allows collaboration between U.S. and foreign courts to conduct bankruptcy proceedings with “parties of interest involving more than one country,” according to the United States Courts.
Conn’s explained that there has been a decline in sales in recent years – customers have faced ongoing cost of living difficulties and rising inflation.
The retailer only acquired WS Badcock in December 2023, and less than a year later, the furniture chain is closing.
A former employee wrote a heartfelt note to the retailer.
“Thank you for 9 years of being part of your Badcock family,” she said.
“Prayers to everyone going through this and the hard work it takes to close a beloved piece of history.”
STORE CLOSURES
Badcock Home Furniture & More isn’t the only retailer facing closures this year.
Big Lots recently announced that it will close more than 300 underperforming stores in the coming months.
35 states will see nearby locations.
California will face the most closures – 75 of the state’s 109 stores will close.
Dollar General is also losing some of its U.S. locations.
Although the chain did not officially announce this news, signs on the doors of five stores in New Orleans alerted customers to the news.
All of these stores will close next week, August 14th.
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This story originally appeared on The-sun.com read the full story
