Conn's

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Conn's, Inc.
TypePublic
Traded asNASDAQCONN
IndustryRetail
Founded1890 as Eastham Plumbing and Heating Company
1934 as Conn's
HeadquartersThe Woodlands, Texas, U.S.
Number of locations73
Key peopleEdward Eastham, Founder
Carol Washington Conn, Sr., Chain's namesake
Theodore M. Wright, CEO
ProductsConsumer electronics
RevenueIncrease US$ 836.7 million (2010)
Operating incomeIncrease US$ 27.4 million (2010)
Net incomeIncrease US$ 7.7 million (2010)
Total assetsIncrease US$ 551.4 million (2010)
Total equityIncrease US$ 344.3 million
(financials for fiscal 2010)[1] (2010)
Employees2,800 (2010)
Websiteconns.com
 
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Conn's, Inc.
TypePublic
Traded asNASDAQCONN
IndustryRetail
Founded1890 as Eastham Plumbing and Heating Company
1934 as Conn's
HeadquartersThe Woodlands, Texas, U.S.
Number of locations73
Key peopleEdward Eastham, Founder
Carol Washington Conn, Sr., Chain's namesake
Theodore M. Wright, CEO
ProductsConsumer electronics
RevenueIncrease US$ 836.7 million (2010)
Operating incomeIncrease US$ 27.4 million (2010)
Net incomeIncrease US$ 7.7 million (2010)
Total assetsIncrease US$ 551.4 million (2010)
Total equityIncrease US$ 344.3 million
(financials for fiscal 2010)[1] (2010)
Employees2,800 (2010)
Websiteconns.com
Conn's Clearance Center in Houston, TX.

Conn's Inc. is an electronics and appliance store chain headquartered in The Woodlands, Texas, United States. The chain has stores in Texas, Louisiana, New Mexico, Arizona, and Oklahoma. Within Texas Conn's has stores in Greater Houston, the Dallas/Fort Worth Metroplex, Greater San Antonio, Greater Corpus Christi, Southeast Texas, and South Texas.[2]

History[edit]

In 1890, Edward Eastham founded Eastham Plumbing and Heating Company in Beaumont, TX. First National Bank of Beaumont took over the company and renamed it Plumbing and Heating, Inc. in 1931. Plumbing and Heating, Inc. hired Carol Washington Conn, Sr. in 1933.[3] He purchased the company one year later and changed the name to Conn Plumbing and Heating Company.

In 1937, Conn's began selling refrigerators and soon added gas ranges to its inventory. By 1940, Conn had purchased a store building and moved the company to 268 Pearl Street in Beaumont. The company's second store opened in 1959 on Eleventh Street in Beaumont. C.W. Conn, Jr. joined the company in 1953 after serving in the Korean War. He recognized that customers needed dependable, quality service and founded Conn's retail service repair and maintenance subsidiary company, Appliance Parts and Service, in 1962. In 1964 he cofounded Conn Credit Corporation, a retail credit financing services company, to provide retail credit financing services to Conn's customers.

Conn, Jr. was named president and chief operating officer in 1966 and served in those capacities until 1976. The Year 1966 found the company with four stores and a total sales volume of $4 million. Lake Charles, Louisiana was the site of Conn's first out-of-state store opened in 1969. A second out-of-state store was opened in Louisiana that same year, making it a landmark year. In 1975, Conn's opened stores in Port Arthur, Orange and Baytown, Texas, as well as one in Lafayette, Louisiana. A second location in Lafayette and new stores in New Iberia and Opelousas, Louisiana soon followed. Conn, Sr. died in 1975 and Conn, Jr. became Chairman of the Board.

Under Conn, Jr.'s direction, Conn's first location in Houston was opened in 1983, with many others to follow in subsequent years. In 1993, Conn's experienced its first $100 million sales volume year and opened its first San Antonio, Texas location. Thomas Frank, Sr. became Chairman of the Board of Conn's in 1994. Under Frank's leadership, the company continued its growth trend and established itself as a major player in the retail sales industry as total sales volume grew to more than $200 million in 1997. In July, 1998, the company reorganized and brought in a new financial partner, The Stephens Group, Inc. Conn's market reach was broadened in 1999, when it opened its first store in Baton Rouge, Louisiana, and again in 2001, 2002 and 2003 when it opened its first stores in Austin, Corpus Christi, and in the Dallas-Ft. Worth Metroplex, respectively. The company now offers a full range of products and services at 67 retail locations; 57 in Texas, six in Louisiana, two in Oklahoma, and two in New Mexico currently with the opening of a second location in Albuquerque in January 2014.

By the 2000s the chain, historically based in Beaumont, expanded.[4]

Conn's, Inc. became a publicly traded company on November 25, 2003, when it sold 4.6 million shares in its initial public offering. The company's shares are traded on the NASDAQ Exchange under the symbol CONN. Today, in addition to appliances, electronics, furniture and mattresses, the company offers its customers service, distribution, financing, insurance and other related services.

References[edit]

  1. ^ businessweek.com (2010-10-08). "CONN'S INC (CONN:NASDAQ GS)". Retrieved 2010-10-08. 
  2. ^ "Investor relations." Conn's Appliances. Retrieved on July 13, 2010.
  3. ^ conns.com. "About Conn's". Retrieved 2010-10-210. 
  4. ^ Wallach, Dan. "Conn's Appliances continues to grow." The Beaumont Enterprise. July 22, 2001. Retrieved on July 13, 2010.

External links[edit]