08:23 AM EDT, 07/18/2024 (MT Newswires) -- Conn's (CONN) plans to close about 100 locations and liquidate its inventory as part of an upcoming bankruptcy filing, Bloomberg reported on Thursday, citing people with knowledge of the matter.

The company is also seeking financing from investors to support the bankruptcy process, the report added.

The closures would account for nearly 20% of Conn's overall footprint and over 40% of the stores in which it operates directly.

Conn's, with over 550 locations, including dealer-owned franchises, faced financial strain from acquiring 30 stores from W.S. Badcock last year, adding debt and high operating costs, Bloomberg reported.

B. Riley Financial, which provided a loan to Conn's for the W.S. Badcock acquisition, may be affected by these developments but has stated it expects full repayment regardless of the outcome, the report said.

Conn's did not immediately respond to MT Newswires' request for comment.