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Shares of home goods retailer Conn’s Inc. (NASDAQ:CONN) quickly dropped 16% after a report that the company hired advisers to help with the firm’s debt and to integrate a chain of stores it bought last year.
Conn’s hired Houlihan Lokey Inc. as a financial adviser and Berkeley Research Group for operational assistance, according to a Bloomberg report on Wednesday, which cited people familiar with the matter.
Conn’s (CONN) shares have plunged 56% this year as it tries to refinance its debt and deals with a lower-income customer base who has been struggling with inflation.
Earlier this month, Conn’s (CONN) delayed filing its quarterly financial report as it works on possible amendments to, or refinancing of, its revolving credit facility.
Conn’s (CONN) short interest is 10%.