{"id":40303,"date":"2023-12-20T11:15:05","date_gmt":"2023-12-20T16:15:05","guid":{"rendered":"https:\/\/lakelandgazette.info\/news\/?p=40303"},"modified":"2023-12-20T11:15:16","modified_gmt":"2023-12-20T16:15:16","slug":"conns-makes-a-deal-that-adds-w-s-badcock-as-a-380-store-subsidiary","status":"publish","type":"post","link":"https:\/\/lakelandgazette.info\/news\/2023\/12\/20\/conns-makes-a-deal-that-adds-w-s-badcock-as-a-380-store-subsidiary\/","title":{"rendered":"Conn\u2019s makes a deal that adds W.S. Badcock as a 380-store subsidiary"},"content":{"rendered":"\n

Conn\u2019s Inc.<\/a> has consummated an all-stock transaction making furniture retailer W.S. Badcock LLC<\/a> a wholly owned subsidiary of Conn\u2019s.<\/p>\n\n\n

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Badcock, with headquarters in Mulberry, Fla., operates about 380 stores in the Southeast under the Badcock Home Furniture & more nameplate, about 65 of which are corporate locations and 310-plus are independent dealer-owned stores.<\/p>\n\n\n

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The all-stock transaction was unanimously approved by Conn\u2019s board of directors and that of Franchise Group<\/a>, which included W.S. Badcock within its portfolio of brands.<\/p>\n\n\n\n

Conn\u2019s also announced that Norman L. Miller has been named president and CEO of Conn\u2019s. Miller has served as a board member since September 2015 and as interim president and CEO since October 2022. He previously served as Conn\u2019s president and CEO between September 2015 and August 2021. Mitchell Stiles, president and COO of Badcock, will lead Badcock and report to Miller.<\/p>\n\n\n\n

The transaction brings together two retailers with significant reach across 15 states. Combined, the company is expected to have annual revenue of about $1.85 billion from 550-plus stores, with e-commerce sales of about $125 million. Conn\u2019s operates about 175 Conn\u2019s HomePlus stores as well as online at Conns.com.<\/p>\n\n\n\n

The combined company will also have a credit portfolio of $1.1 billion, projected to generate about $364 million in annual finance charges and other revenue. The deal brings together Conn\u2019s in-house credit platform with Badcock\u2019s existing financing capabilities.<\/p>\n\n\n\n

\u201cToday\u2019s announcement represents one of the most significant events in the company\u2019s over 120-year history,\u201d said Bob Martin, Conn\u2019s lead independent director. \u201cThe combination immediately positions Conn\u2019s as a leading home good retailer across the Southern U.S. It also supports our existing strategic growth priorities by providing our unmatched payment options, leading e-commerce capabilities and premium shopping experience to more customers.\u201d<\/p>\n\n\n\n

\u201cConn\u2019s and Badcock share complementary business models, histories and customers and the expected revenue and cost synergies are extremely powerful,\u201d said Stiles. \u201cWe believe both our dealer and corporate owned stores will benefit from Conn\u2019s customer-centric culture, best-of-class payment solutions, expanded product assortment and leading e-commerce platform.\u201d<\/p>\n\n\n\n

The all-stock deal was consummated with Conn\u2019s issuing 1 million of its non-voting senior preferred shares convertible into a to-be issued class of non-voting common, subject to shareholder vote, representing 49.99% of Conn\u2019s outstanding common stock after giving effect to the stock issuance and assuming the conversion of such preferred shares into non-voting common stock.<\/p>\n","protected":false},"excerpt":{"rendered":"

Conn\u2019s Inc. has consummated an all-stock transaction making furniture retailer W.S. Badcock LLC a wholly owned subsidiary of Conn\u2019s. Badcock, with headquarters in Mulberry, Fla., operates about 380 stores in the Southeast under… <\/p>\n","protected":false},"author":2,"featured_media":40304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"wpai_generated_summary":"","footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"dois","default_image_id":71799,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[4],"tags":[7089],"class_list":["post-40303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-conns-makes-a-deal-that-adds-w-s-badcock-as-a-380-store-subsidiary"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/40303","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/comments?post=40303"}],"version-history":[{"count":0,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/40303\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media\/40304"}],"wp:attachment":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media?parent=40303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/categories?post=40303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/tags?post=40303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}