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Conn's Closing Five Stores

1/20/2012 09:07:16 AM Eastern
Beaumont, Texas - Conn's is closing five stores in Texas and Oklahoma this month, leaving the multiregional CE, appliance and furniture chain with 64 locations.

The stores, located in Edmond, Okla., and in Dallas, Houston and San Antonio, each had average annual revenues of $5 million.

CEO Theo Wright described the closures as "a continuation of our previously communicated plan to evaluate our existing store base and close or relocate underperforming stores."

At the same time, Conn's is proceeding with plans to open five to seven stores in new and existent markets during its next fiscal year, which begins in February. New adjacent markets under consideration include Arkansas, Arizona, Kansas, Mississippi and New Mexico, the company indicated last fall. Conn's stores are currently located in Texas, Louisiana and Oklahoma.
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