Conn’s, Inc. (CONN) Looks to Close 5 Stores Located in Oklahoma and Texas
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Conn’s, Inc. (NASDAQ: CONN) today announced its plans to close five stores.
Based on continued review of the demographic information and market share opportunities of its current store base, the Company has identified five underperforming store locations that it will close during January 2012.
The stores had average annual revenues of $5 million per store, and are located in Edmond, Oklahoma, Houston, Texas, San Antonio, Texas and two in Dallas, Texas. The Company is in the process of determining the long-lived asset impairment and lease charges that will be required to be recorded in its fourth quarter of fiscal 2012 financial statements. Upon completion of all announced store closures the Company will have 64 retail locations.
“The closing of the five stores this month is a continuation of our previously communicated plan to evaluate our existing store base and close or relocate underperforming stores. Additionally, we are progressing on our plans to open five to seven new stores in fiscal 2013, in areas with compelling demographic characteristics that we believe are favorable to our business model,” commented Theodore Wright, the Company’s CEO.
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Based on continued review of the demographic information and market share opportunities of its current store base, the Company has identified five underperforming store locations that it will close during January 2012.
The stores had average annual revenues of $5 million per store, and are located in Edmond, Oklahoma, Houston, Texas, San Antonio, Texas and two in Dallas, Texas. The Company is in the process of determining the long-lived asset impairment and lease charges that will be required to be recorded in its fourth quarter of fiscal 2012 financial statements. Upon completion of all announced store closures the Company will have 64 retail locations.
“The closing of the five stores this month is a continuation of our previously communicated plan to evaluate our existing store base and close or relocate underperforming stores. Additionally, we are progressing on our plans to open five to seven new stores in fiscal 2013, in areas with compelling demographic characteristics that we believe are favorable to our business model,” commented Theodore Wright, the Company’s CEO.
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