Conn’s closes its doors

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Jenna Duncan/DRC
Conn’s on Colorado Boulevard in Denton closed on Friday, Oct. 11. The store sold appliances, electronics and furniture.

The Denton location of Conn’s, a store specializingin appliances, electronics and furniture located on Colorado Boulevard, closedFriday.

The store closed just two weeks after employeeswere given notice, a manager said. The location is no longer listed on theConn’s website, but the closing has not been officially announced by thecompany.

Andrew Berger, vice president of SM Berger &Company, a management consulting firm that handles investor communications forConn’s, said the company has not disclosed anything publicly about the Dentonclosing.

In the past when Conn’s has closed stores, thecompany put out press releases, discussed it in investor meetings or announcedit in a quarterly report, Berger said. Currently, there are more than 70operating locations, including one in Lewisville.

On Monday, there were handwritten signs in the doorof the Denton location that said “STORE IS CLOSED” and other signs directingcustomers to the Conn’s in Lewsiville.

According to the second-quarter report forinvestors, Conn’s made significant gains in net income compared to the samethree- and six-month periods last fiscal year. For this quarter, net income was$19.2 million, up from the second quarter last year by $7.6 million.

Conn’s also reported the provision for bad debtswas $21.3 million for the quarter, up $9.3 million from last year, according tothe report. The percentage of customers who were delinquent on payments formore than 60 days also increased to 8.2 percent of the customer portfoliobalance, up from 7.5 percent last year.

Conn’s had replaced Circuit City as one of twomajor retailers in the former Target building now known as The Shops ofColorado. Circuit City announced the Denton store’s closing in late 2009 as oneof an estimated 567 nationwide targeted for liquidation.

Target moved out of the location at 2315 ColoradoBlvd. in October 2006, reopening that same month as a SuperTarget on Loop 288.Panattoni Development Company LLC renovated the 80,000-square-foot buildinginto several stores, which also include Staples, opening it in September 2007.

Managing Editor Dawn Cobb contributed to thisreport.

JENNA DUNCAN can be reached at 940-566-6889 and viaTwitter at @JennaFDuncan.


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