Off-price retailer Tuesday Morning is working on eliminating 230 stores in a major restructuring effort.
Bargain hunters will miss this discount store known for its great deals in home goods and seasonal decor. All in all, 230 Tuesday Morning locations will be closed permanently as the company focuses on their more profitable stores. This represents about a third of the chain's 687 current locations.
The first phase of the closures will initiate liquidation sales in at least 132 stores across the country. Customers can go online to see if their local stores will be affected.
Courtesy of Tuesday Morning
Citing major losses due to COVID-19 temporary closures, the company's CEO Steve Becker had this to say about the big changes being made:
“The prolonged and unexpected closures of our stores in response to COVID-19 has had severe consequences on our business. Prior to the pandemic, we were gaining momentum in our merchant organization, growing our vendor base and improving brands, assortment and value for our customers, while investing in our technology and corporate leadership team. However, the complete halt of store operations for two months put the Company in a financial position that can be effectively addressed only through a reorganization in Chapter 11."
In addition to the locations that are working toward final liquidation, dozens of stores remain closed due to COVID-19 and state-specific restrictions. Of the stores that are open, many have reduced hours, so be sure to check before heading out to hit the clearance sales.
For more information, read the full press release about the bankruptcy filing here.
What do you think about this Chapter 11 filing? Will it be enough to save Tuesday morning? Let us know in the comments!