Conn’s, Inc. Announces Transformative Transaction with W.S. Badcock LLC

• Accelerates growth opportunities by combining two complementary businesses with similar product categories, payment solutions and customer profiles
• Combines Conn’s in-house credit platform and expertise with Badcock’s existing financing capabilities
• Increases scale and expands Conn’s presence across the southeastern U.S., creating one of the largest home goods retailers with 550+ stores across 15 states and approximately $1.85 billion in revenue
• Strengthens financial profile with over $50 million of expected cost synergies on a run-rate basis in 18 months, enhances Conn’s balance sheet by bringing approximately $125 million of incremental liquidity with the addition of Badcock collateral and extends debt maturities by three years
• Names Norm Miller President and CEO of the combined company
  

THE WOODLANDS, Texas, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Conn’s, Inc. (NASDAQ: CONN) (“Conn’s” or the “Company”), a specialty retailer of home goods, including furniture and mattresses, appliances, and consumer electronics, today announced that it has consummated a transaction that has resulted in W.S. Badcock LLC (“Badcock”), a leading home furnishings company in the southeastern U.S., becoming a wholly-owned subsidiary of the Company. The all-stock transaction was unanimously approved by Conn’s Board of Directors. Conn’s also announced that Norman L. Miller has been named President and CEO of Conn’s, Inc.   Mr. Miller has served as a Conn’s Board Member since September 2015 and as interim President and CEO since October 2022. He previously served as Conn’s President and CEO from September 2015 to August 2021 and Executive Chairman from August 2021 until April 2022.

Founded in 1904, Badcock operates nearly 380 stores in eight southeastern states comprised of 65+ corporate locations and 310+ independent dealer owned stores. The stores are branded “Badcock Home Furniture & more” and provide customers with furniture, appliances, bedding, electronics, home office equipment, accessories, and seasonal items. Badcock offers customers affordable payment plans, including Badcock Easy Purchase, an in-house payment solution. Mitchell Stiles, President and COO of Badcock, will lead Badcock and report to Conn’s CEO, Norm Miller.