Gaius
1
From the article:
Conn’s HomePlus, a 134-year-old furniture and electronics retailer with locations primarily in the southern United States, has filed for bankruptcy and is closing nearly half of its 170 stores.
The Texas-based company, which filed for Chapter 11 bankruptcy protection on Tuesday, has been struggling with slumping sales amid a broader slowdown in discretionary spending among consumers. Conn’s has assets and liabilities worth at least $1 billion each, according to the filing. . . .
Major furniture retailers continue to struggle after a pandemic boom, particularly as Americans struggle with persistent inflation. Discretionary big-ticket items, such as furniture, have quickly dropped off the shopping list for more budget-conscious consumers.
That has resulted in furniture chains Z Gallerie and Mitchell Gold + Bob Williams filing for bankruptcy within the past year and Wayfair drastically reducing its workforce.
https://www.cnn.com/2024/07/24/investing/conns-bankruptcy-store-closures/index.html
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Gaius
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Blame it on the housing market I guess.
When it comes to
- Furniture and Home Furnishings Stores
and
- Electronics and Appliance Stores
There is no arguing about the economy, the seventh level of hell is right here, right now.
In inflation-adjusted terms, sales at both places are down 20% since June 2021
As I have said many times I do not blame Joe Biden (much)
but it is completely wrong to pretend there is no problem and try to spin it as a “booming economy.”
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Ya know considering that no one can afford to buy a shack right now much less a house, I’m not surprised home goods store are doing bad. You can’t really decorate your car inside those places.
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