Conn's, Inc. is a 134-year-old home goods retailer operating through Conn's HomePlus and Badcock Home Furniture & More banners, with 553+ corporate and dealer stores across 15 states and approximately 3,800 employees at filing. The company filed Chapter 11 on July 23, 2024 in the Southern District of Texas (Case No. 24-33357) after post-pandemic demand weakness, high interest rates, inflation-driven cost pressures, and integration friction from the December 2023 Badcock acquisition converged to create a liquidity crisis. At filing, Conn's carried approximately $529.8 million in funded debt (first lien ABL ~$386.8M, second lien ~$93M, third lien ~$50M) plus approximately $200 million in trade obligations. The debtors obtained $25 million in postpetition liquidity (comprising $5M new-money DIP term loans, $20M of covenant-modified ABL availability, and creeping roll-up mechanics). The core strategy was a dual-track wind-down: store liquidation via going-out-of-business sales managed by B. Riley Retail Solutions beginning July 25, 2024, and a section 363 sale of consumer receivable portfolios to Jefferson Capital Systems, LLC for a $360 million framework (closed December 3, 2024). The plan, confirmed July 21, 2025 and effective July 31, 2025, implemented a liquidation structure with wind-down debtors and a distribution trust for general unsecured creditors. Classes 1-3 (secured/priority/ABL) were unimpaired and deemed accepting; Classes 4-6 (second/third lien and unsecured) were impaired and voted; Classes 7-9 (intercompany, 510(b), equity) were impaired and deemed rejecting with 0% recovery. General unsecured creditors received distribution trust interests, with recovery dependent on final distributable cash available after senior claim satisfaction.