TUESDAY MORNING stores across Texas are experiencing liquidation sales in preparation for closure after the retail giant files bankruptcy.
The company first filed for bankruptcy in 2020 and closed 265 stores with the remaining 487 undergoing extensive liquidation sales.
Temporary closures in 2020 due to the pandemic created an “insurmountable financial hurdle,” the retailer says.
In February 2023, Tuesday Morning filed Chapter 11 or “reorganization bankruptcy” with hopes to downsize and focus on the highest trafficked stores.
This left the 49-year-old retailer which had nearly 700 stores at its peak, with just 200 across 25 states.
With skyrocketing inflation and increased interest rates, consumer spending plummeted.
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Hence, Tuesday Morning believes that closing underperforming stores will likely help them exit bankruptcy and increase their presence in major markets, reports Retail Dive.
Tuesday Morning serves as a discounted home-decor retailer that sells products like bedding, wall art, home furnishings, and every day household items.
Products throughout all departments have been marked down as much as 30%.
Tuesday Morning joins numerous retailers experiencing financial distress.
CNN reported that Bed Bath & Beyond filed for bankruptcy in April after claiming to have $5.2 billion in debt and assets of $4.4 billion.
David’s Bridal has sales up to 70% off as three stores are set to close this summer due to bankruptcy.
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