Conn’s has filed for bankruptcy with plans to shut down, seeking Chapter 11 protection in Texas, and listing assets and liabilities of at least $1B each in its bankruptcy petition, Bloomberg’s Reshmi Basu and Eliza Ronalds-Hannon report. The company’s cash needs more recently became “dire and immediate,” CEO Norman Miller said in a sworn statement, adding that Conn‘s made the decision to shut down after failing to raise enough new money to keep funding itself while searching for a buyer of the whole business.
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