New York — The Anti-Defamation League’s National Consumer Technology Industry divisio
The Woodlands, Texas - Conn’s, announced that it completed an expansion of its asset-based loan facility with a syndicate of banks.
The revolving facility commitment increased $40 million to $585 million. The maturity date of September 2016 and other terms of the amended and restated facility remained unchanged.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
The Woodlands, Texas — Multiregional majap, furniture and CE chain Conn’s has sold four company-owned locations for $22.4 million and has leased them back from the buyer.
Conn’s said it used the proceeds to repay borrowings under its real estate loan and asset-based lending facility.
Three of the properties are in Texas and one is the retailer’s new market of New Mexico. Conn’s said it signed a long-term lease-back for each location with the buyer, Store Capital Acquisitions.
New York – CE played varying roles in the solid year-end sales results reported by big-box chains.
Conn’s, the multiregional retailer, said soaring furniture and mattress sales offset a 4.8 percent decline in January CE comps to deliver a 10 percent increase in same-store sales.
Similarly, Target reported a “slight decline” in January comps for its hardlines category, which includes CE.
The Woodlands, Texas – Conn’s has opened three more HomePlus stores in El Paso and Fort Worth, Texas and Tucson, Ariz.
The new-format stores are larger than Conn’s typical footprint and devote more space to furniture and mattresses, the chain’s fastest growing categories.
Conn’s opened its first HomePlus prototype in Waco, Texas, in June. The expanded format features 45,000 square feet of retail space, of which 23,000 is devoted to furniture and mattresses.
The Woodlands, Texas – Multiregional majap, furniture and CE chain Conn’s has collected $56.2 million from a previously announced stock sale.
The proceeds were significantly higher than the initially projected $35.2 million after 825,000 shares were added to offering, for a total of 6.3 million shares.
The funds will be used primarily to pay down loans, the company said.
The Woodlands, Texas — Conn’s has priced its previously announced public stock offering at $26.75 per share, which is expected to generate $35.2 million in net proceeds.
The multiregional majap, furniture and CE chain plans to use the funds to pay down debt.
The offering, which was increased from 5 million shares to 5.5 million shares at pricing, is expected to close on or around Dec.12.
The Woodlands, Texas – Multi-regional majap, CE and furniture chain Conn’s is no longer doing business with Whirlpool.
Conn’s acknowledged the split with the world’s largest appliance manufacturer to TWICE but declined to comment.
Similarly, Whirlpool confirmed that the two companies “have mutually decided that Whirlpool Corporation’s brands will no longer be carried at Conn’s locations.”
The products have also been removed from Conns.com.
Tucson, Ariz. – Conn’s is opening its first store in Arizona this week.
The showroom, located here, follows the opening in November of its first New Mexico store, in Albuquerque.
On a conference call following yesterday’s release of Conn’s record third-quarter earnings, chairman/CEO Theo Wright said the company will build out the Arizona market next year with new stores in Phoenix and other locales.
The Woodlands, Texas – Conn’s reported third-quarter profits of $11.8 million, compared to a year-ago loss of $12.7 million.
Total revenues rose 10.6 percent to 206.4 million, retail revenues increased 8.2 percent to $167.7 million, and comparable store sales climbed 12.6 percent for the three months ended Oct. 31.
Contributing to the strong results was a 31.7-percent increase in furniture and mattress sales and higher customer demand for home office products and majaps, the company said.
Albuquerque, N.M. — Conn's has opened its first store in New Mexico.
The new showroom is a HomePlus format store that highlights furniture and mattresses.
Conn's, which operates 66 stores in Texas, Oklahoma and Louisiana, said it also plans to enter the Arizona market as part of a 17-store expansion over two years, and is targeting additional states for 2015.