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A MAJOR furniture chain has started erasing its 120-year presence by slashing prices by up to 50 percent in a liquidation sale.
The shuttering of Badcock Home Furniture & More will result in the brutal axing of 380 stores across the southeast.
All Badcock stores are closing, with up to 50% off merchandise while supplies last[/caption]
Conn’s HomePlus said there had been a decline in sales in recent years[/caption]
“All Badcock stores are closing! Up to 50% [off] merchandise while supplies last,” the chain announced on social media earlier this week.
But, customers have expressed their unhappiness as they lamented the loss of the beloved local stores.
“This is so sad. We have a lot of furniture that came from Badcocks,” wrote Dudley.
“Babcock was always good to small town people. You could always get quality furniture without breaking the bank.”
“Oh no, and I was planning on getting new furniture later this year,” said Gloria on Facebook.
“I’m so sad!! I’ll be running for those sales though,” added Mary.
Badcock Home Furniture & More branches will remain open until October 31.
The closures come after 120 years of serving customers.
This is so sad. We have a lot of furniture that came from Badcocks.
Dudley, shopper
The chain is mainly based in the southeast of the United States, and is run by its parent company Conn’s HomePlus.
“Founded in 1904, Badcock operates nearly 380 stores in eight southeastern states comprised of 65-plus corporate locations and 310-plus independent dealer-owned stores,” said Conn’s last December.
The stores sell a range of furniture, appliances, bedding, electronics, home office equipment, accessories, and seasonal items.
Conn’s HomePlus filed for Chapter 11 bankruptcy protection last Thursday, reported USA Today.
Staff working in Athens, Georgia – about an hour’s drive from Atlanta – were told about the looming closure in an email on July 25.
How does bankruptcy work?
Bankruptcy is a specific legal process that helps companies eliminate debt they can’t repay.
The process allows businesses to start fresh and gain access to new credit.
Supervised by federal courts, bankruptcies allow a company to sell off its assets more easily to pay off creditors, according to Investopedia.
Chapter 11, a common process for companies, is used to restructure a business with the goal of remaining open – even if it means selling off 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 for collaboration between American and foreign courts to conduct bankruptcy proceedings with “parties of interest involving more than one country,” per the United States Courts.
“It’s hard to say, but the Badcock name will be pretty much gone,” Tim Mullen, a store manager in Athens, told the Athens Banner-Herald.
“It was a shocker, but they’re doing what they’ve got to do,” he said.
“The furniture industry isn’t making a dollar like it used to.”
EIGHT STATES
On Facebook, it was confirmed that all Badcock stores in all eight states they operate in are closing.
Sales include up to 40% off electronics; 30% off appliances, up to 50% off furniture; and up to 40% off bedding.
The chain has been inundated with queries about new accounts.
Badcock Home Furniture, said that customers will still have to make payments through its website.
“What if I paid for extended warranty?” asked one shopper.
“Extended warranties are provided through a separate company and are still valid,” Babcock replied.
“You should be able to call the phone number on your paperwork for assistance should you need it.”
