Conn's, Inc. (CONN) announced its plans to close five stores during January 2012, by identifying five underperforming store locations based on continued review of the demographic information and market share opportunities of its current store base. The stores had average annual revenues of $5 million per store, and are located in Edmond, Oklahoma, Houston, Texas, San Antonio, Texas and two in Dallas, Texas.
The company is determining the long-lived asset impairment and lease charges that would be required to be recorded in its fourth quarter of fiscal 2012 statements. Upon the completion of store closures, the company would have 64 retail locations.
Chief Executive, Theodore Wright, stated: "Additionally, we are progressing on our plans to open five to seven new stores in fiscal 2013, in areas with compelling demographic characteristics that we believe are favorable to our business model."
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