Conn’s Goes Bankrupt With Plans to Wind Down Operations (2)

Furniture retailer Conn’s Inc. filed for bankruptcy with plans to shut down after trouble integrating a recent acquisition compounded the pain of lagging sales.

The company sought Chapter 11 protection in Texas, listing assets and liabilities of at least $1 billion each in its bankruptcy petition. The filing allows Conn’s, which sells discount home goods and offers financing to customers, to keep operating while it sells assets and liquidates stores.

Conn’s has been burning cash in recent months as its customer base cooled on home goods purchases and higher interest rates weighed on its finances. Meanwhile, and the company struggled ...