Sometimes a retailer shows clear signs that it's headed for bankruptcy. The shelves begin to get bare and the inventory starts to get weird.
In the lead-up to its bankruptcy filing, for example, Bed Bath and Beyond went through a very public series of financial problems. The same happened with JC Penney, which not only had skimpy inventory, it was widely known that it had fallen behind in paying its bills.
Related: Struggling gas station chain files for Chapter 11 bankruptcy
That was not the case with Badcock furniture, a company that has been in business for more than 120 years and filed for Chapter 11 bankruptcy in late July.
The filing surprised and angered customers, many of whom shared that anger on Facebook.
"I signed my paperwork Tuesday bankrupt Wednesday. Tell me someone didn't know something!! Bankruptcy is a process," wrote one customer.
The local stores, however, did not know, The Badcock location in Bonifay, Fla., posted an emotional goodbye on Facebook that detailed how shocked employees were.
"We found out Tuesday afternoon, after 120 years, Badcock Home Furnishings and more will be closing ALL stores," the post read.
"Yes, EVERY store. Like you, we are shocked and overwhelmed. We feel like a family member has died. We've shed many many tears over the last few days and have prayed more than we ever have."
Badcock was purchased by Conn's in 2022 and that was the beginning of the end.
Image source: TheStreet
Conn's and Badcock are both closing
"What we didn’t know, was that Conn's was already a sinking ship before acquiring Badcock," the post from the Bonifay stores continued. "We have thought of Badcock as the little lifeboat, floating out in the big ocean. As Conn's sunk deeper and deeper, they grabbed ahold of Badcock, sinking the little lifeboat with the big ship."
Related: Another troubled drugstore chain files for Chapter 11 bankruptcy
At first, when the Chapter 11 bankruptcy was announced, some Conn's stores were going to stay open. That has changed, the Conn's website says. "Yes, all Conn’s stores are closing," the company wrote.
The same is true for Badcock stores.
Conn's and Badcock have been holding liquidation sales in all stores. They are still delivering items but have stopped offering financing.
Prices on the company's website are the full retail price. Discounts appear after items are added to a shopping cart.
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Badcock Furniture has a proud history
Conn's and Badcock will close all stores by the end of October. Most stores will close well before that as the company will consolidate merchandise as it runs out of inventory.
At the time of the Chapter 11 bankruptcy filing, Badcock had 380 stores in eight states: Florida, Alabama, Mississippi, Tennessee, North Carolina, South Carolina, Georgia and Virginia. Conn's operates more than 170 stores in 15 states.
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In the parent's Chapter 11 filing, in U.S. Bankruptcy Court in Corpus Christi, Texas, Conn's said that it employed about 3,800 people full-time and 150 part-time in the U.S. The two brands operate 553 retail stores in 15 states and 22 distribution and service facilities.
Conn's has not said what will happen to its two brands after the liquidation sales end and the stores close. Any remaining assets are likely to be sold at auction and it's possible that a buyer brings back one or both brands in some form.
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Badcock's closing is especially sad given the company's deep history.
"Henry Stanhope Badcock founded the W.S. Badcock Corporation in 1904. An immigrant from England, Henry founded the first Badcock store in Mulberry, Fla," according to the company's website.
That history will end, at least for now, by Halloween but likely much sooner in most locations. The company has received permission from the bankruptcy court to offer retention bonuses for workers who stay through the final day.
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