Tuesday Morning Closing 230 Stores
Tuesday Morning is the latest retailer to file for bankruptcy and announce store closures in the wake of the coronavirus pandemic.
Known for its off-price home goods, the onlinepany currently operates 687 stores in 39 states.
After filing for bankruptcy on May 27th, the off-price retailer will begin its first wave of store closures on June 1st with liquidation sales at 132 Tuesday Morning locations. The onlinepany will continue with a second wave of 100 more closings later this summer.
The onlineplete list of closing stores can be seen here.
Steve Becker, Chief Executive Officer, said in a statement:
“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… However, the onlineplete halt of store operations for two months put the onlinepany in a financial position that can be effectively addressed only through a reorganization in Chapter 11.”
The stores that are closing were identified as either underperforming or situated in areas where too many locations are located close to each other. The onlinepany hopes to emerge from bankruptcy with the ability to focus on a smaller footprint with 457 higher-performing locations.
Keep in mind that the Tuesday Morning return policy is unaffected by the Chapter 11 process; however, goods purchased at a closing store will be final sale and ineligible to be returned.
Gift cards will still be accepted at all Tuesday Morning locations and there is no change to the Perks program (note that extra promotional discounts will not be allowed during store liquidations).
(Thanks, Ben!)
