Why did conn stock go down on 2nd July?

Conn's (CONN) stock experienced a significant drop on July 2, 2024, due to several factors:

1. Bankruptcy Filing Speculation: Conn's has been preparing for a potential bankruptcy filing amid declining sales and difficulties integrating a rival chain, as reported by Bloomberg. The company has been seeking financial and operational support and has enlisted the help of advisers from Houlihan Lokey Inc. and Berkeley Research Group. This news likely contributed to the decline in stock price as it raises concerns about the company's financial stability and future prospects.
2. Sales Declines: Conn's has been facing sales declines, which could be a major reason for the stock's decline. The company's shares have fallen 77% this year, and the recent news of a potential bankruptcy filing may have exacerbated the downward trend in sales.
3. Integration Issues: The company's acquisition of W.S. Badcock LLC from Franchise Group Inc. last year was intended to expand its store footprint and consumer reach. However, Conn's has faced challenges in integrating the new chain, which may have impacted its overall performance and investor confidence.
4. Market Sentiment: The broader market sentiment towards the retail sector, particularly specialty retailers like Conn's, could also influence the stock price. Factors such as macroeconomic conditions, consumer spending habits, and competitive dynamics within the industry can all play a role in shaping investor sentiment.

In summary, the decline in CONN stock price on July 2, 2024, can be attributed to a combination of speculation regarding a potential bankruptcy filing, sales declines, integration issues, and broader market sentiment towards the retail sector.