Conn’s Stock: A Case Study in Total Capital Erosion

The dramatic downfall of Conn's shares represents one of the most striking examples of complete investment loss in recent retail history. The company's equity has become virtually worthless, with its stock now trading in the sub-penny range and carrying a market capitalization that has dwindled to a mere $2,500.

Conn's initiated Chapter 11 bankruptcy proceedings in July 2024, marking a definitive turning point for the former retail chain. The consequences were immediate and severe: by August 6, 2024, the company's shares were delisted from the NASDAQ exchange without any objection from the corporation. The stock now trades under the symbol CONNQ in the over-the-counter market, effectively placing it in financial exile.

Complete Shareholder Wipeout

The destruction of shareholder value has been absolute. Stock prices collapsed from their 52-week low of $0.3392 in July 2024 to their current level of approximately $0.0001. This catastrophic decline reduced the company's market capitalization to microscopic levels. Dividend payments have been nonexistent throughout this period, leaving equity investors with virtually nothing as the bankruptcy process unfolded.

Should investors sell immediately? Or is it worth buying Conn's?

The Bitter Irony: Creditors Profit While Shareholders Lose

While Conn's shareholders face near-total losses, Jefferson Capital has emerged as a beneficiary of the company's collapse. The firm reported a net gain of $16.5 million in Q3 2025 from its "Conn's Portfolio Purchase." The credit portfolio acquired from Conn's has generated substantial returns, improving Jefferson's debt metrics to 1.59.

The possibility of a revival for the former retail giant appears increasingly remote. With minimal revenue streams, no exchange listing, and assets being liquidated, Conn's stands as a sobering reminder of how quickly corporate value can evaporate in the competitive retail landscape.