Tuesday Morning, a discount store, has been skating very close to the edge for some time. The home goods retailer said in February that it had filed for Chapter 11 bankruptcy and would be liquidating more than half of its locations. Tuesday Morning’s management predicted it would “emerge as a more robust retailer.
But even at a smaller level, the business is no longer sustainable. It was officially announced on April 27, 2023, that it would stop operations and close all 200 of its remaining outlets. Find out when your neighbourhood store will permanently close its doors by reading on.
Dallas-based Tuesday Morning debuted its first location in 1974. Tuesday Morning’s products include home textiles, furnishings, housewares, gourmet food, toys, and seasonal decor. In contrast to other department stores, the company specializes in offering high-quality goods at low prices.
On Tuesday Morning, I formerly had over 500 locations around the country. By the end of 2023, it will, however, have dropped all business operations and storefronts. Continue reading to learn the shocking reasoning behind this sudden move!
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Who is the owner of Tuesday morning?
Lloyd Ross founded Tuesday Morning in 1974. When it was at its most popular in 2018, Tuesday Morning had over 700 outlets and over $1 billion in sales. Texas-based Tuesday Morning Corp. was formally sold to Hilco Merchant Resources on April 27, 2023.
Hilco paid more than $32 million for the business. Judge Edward L. Morris of the Fort Worth division of the U.S. Bankruptcy Court for the Northern District of Texas authorized the sale.
Thus, Hilco Merchant Resources is the owner of Tuesday Morning Corp.
Hilco will now be in charge of closing down all remaining shops. It is despite expectations that some prospective new openings might keep Tuesday Morning stores operating.
Sale announcement by the company:
Bed Bath & Beyond declared bankruptcy and began liquidating shops around the country. Almost one week later, another major home retailer announced the same. It is none other than the Dallas-based retailer Tuesday Morning. The business informed its consumers of its closure on Saturday, April 29.
The business plans on closing all of its locations. It includes eight that are in the San Antonio region, along with its headquarters in Dallas. According to a company Facebook post, customers could begin benefiting from the store’s closing-down sale. They offered discounts of up to 30% on a variety of products, like bedding, bath products, and furniture.
What caused Tuesday Morning to close its doors?
The announcement follows Tuesday Morning’s attempts to survive years of low sales and bounce back from two bankruptcies. In an effort to save the company, the business closed its outlets. Also, they concentrated on areas with higher client traffic after filing for Chapter 11 for the first time in May 2020. The store declared bankruptcy for a second time in February 2023, citing “exceedingly burdensome debt.
The retailer shuttered more failing and poorly performing stores. Yet reporters stated that they were unsuccessful.
Besides the 30% discount, there will be a sale on store furnishings, equipment, and fixtures. Through May 13, 2023, customers can accept returns and redeem gift cards, as reported. According to a news release, anything purchased before April 28 is eligible for return within 14 days of purchase with a receipt.
It was made applicable even if all sales are final during the store closing sales events. As one of the first retailers to offer discounts, Tuesday Morning defines itself. The company was founded in 1974. Its primary product categories include high-end home furnishings, housewares, pet supplies, bath and body items, and toys.
The company claims it doesn’t sell used or unusual things, in contrast to some budget merchants.
The Downfall of Tuesday Morning:” Factors and Financial Troubles”
Tuesday Morning will go out of business shortly after less than 90 days in bankruptcy. The company had close to 700 stores before filing for bankruptcy.
Tuesday Morning, we had 487 locations across 40 states at the time of its most recent Chapter 11 filing, which was made in late November. Tuesday Morning reported having 4,700 part-time employees and 1,600 full-time employees as of its most recent 10-K filing. In March, the business started holding auctions for the leases of around 260 stores.
For the fiscal year 2022, the company reported net revenues of $749.8 million. It was an increase from $690.8 million the previous year. For the company’s first quarter of fiscal 2023, which concluded on October 1, 2022, Tuesday Morning reported a net loss of $28.2 million. It had an operational loss of roughly $26 million. Also, it had a negative EBITDA of $22.7 million compared to a negative $9.5 million in the same period last year.
Documents from the court provide information on the factors that led to the problems on Tuesday morning. According to Tuesday Morning, in the weeks before the company’s bankruptcy filing, its creditors, headed by Wells Fargo, increased the company’s reserve requirements.
It grew from $10 million to $30 million. This move effectively removed Tuesday morning’s operating liquidity. It also contributed to the company’s precarious financial situation.
Stalking horse negotiations between Invictus and the company to save it from bankruptcy failed in March. Gordon Brothers stepped up and provided debtor-in-possession financing for $12.5 million. The retailer received around $27 million in total to fund operations But more was needed.
On April 13, Tuesday Morning, they requested Invictus under an active credit agreement for roughly $10 million. Yet, Invictus “failed to fund the requested loan. They suggested that the debtors submit a new request for the minimum funds necessary to operate through April 17.
It is according to Dell Young, Tuesday Morning’s senior vice president of finance, analysis, and treasury. The retailer lowered its loan request in response to $3.5 million. On April 17, Invictus granted the request. The business requested $4.9 million to cover the shortfall from the initial proposal.
However, according to Young’s statement in court papers, Invictus declined to fund the requested loan. Also, no reason was offered by Invictus for its failure to fund
After more funding requests were turned down, Young issued a court declaration.
In that, he expressed concern that a lack of funds would prevent the business from paying its bills. It includes vendors, freight for deliveries, the rent for May, and wages.
List of 200 Tuesday Morning Stores Closing in 2023:
An effort to turn its company around and become profitable. Once more, home goods giant Tuesday Morning plans to close more than half of its U.S. locations in 2023.
The business cited weak sales at sure of its retail outlets as justification for filing for Chapter 11 bankruptcy in a Texas court for the second time in three years. Here is a list of every store closing:
Alabama
- Florence: 179 Cox Creek Pkwy. S
- Foley: 2524 S. McKenzie St.
- Fairhope: 90 Plantation Pointe
- Mobile: 6366 Cottage Hill Rd.,
- Spanish Fort: 10200 Eastern Shore Blvd.
- Madison: 12090 County Line Rd. Ste.
Arkansas
- Benton: 20496 Interstate 30 N
- Fort Smith: 7810 Rogers Ave.
- Fayetteville: 3180 N. College Ave.
- Hot Springs: 4332 Central Ave.
- North Little Rock: 2747 Lakewood Village Dr.
- Little Rock: 2516 Cantrell Rd., Ste.
- Searcy: 2701 E. Race Ave., Ste 6.
- Rogers: 208 S. Promenade Blvd.
Arizona
- Lake Havasu City: 1795 Kiowa Ave. Ste.103
- Flagstaff: 5005 E. Marketplace Dr. Ste 170
- Oro Valley: 11835 N. Oracle Rd., Ste. 133
- Prescott: 1260 Gail Gardner Way
- Sedona: 6657 State Rte. 179 Ste. 2
- Phoenix: 3055 E. Indian School Rd.
- Sun City: 10050 W. Bell Rd.
Florida
- Brandon: 911 Lithia Pinecrest Rd.
- Fernandina Beach: 2146 Sadler Sq.
- Cooper City: 2671 N. Hiatus Rd.
- Gulf Breeze: 330 Gulf Breeze Pkwy.
- Fort Walton Beach: 99 Eglin Pkwy. N.E.
- Jacksonville: 4524 9 St. Johns Ave.
- Jacksonville: 12200 San Jose Blvd, Ste 6
- Lakeland: 2625 S. Florida Ave.
- Palm Coast: 250 Palm Coast Pkwy. N.E., Unit 603
- Ormond Beach: 130 S. Nova Rd.
- Panama City Beach: 7928 Front Beach Rd.
- Sarasota: 6050 N Lockwood Ridge Rd.
- Pensacola: 6601 N. Davis Hwy., Ste. 220
- Tallahassee: 1806 Thomasville Rd.
- St. Augustine: 1799 US Highway 1 S.
- Vero Beach: 1295 US Highway 1
Georgia
- Augusta: 3241 Washington Rd.
- Alpharetta: 10945 State Bridge Rd.
- Brunswick: 1919 Glynn Ave.
- Peachtree City: 233 Commerce Dr.
- Macon: 265 Tom Hill Sr. Blvd., Unit 301
- Woodstock: 1432 Towne Lake Pkwy.
Idaho
- Boise: 301 N. Milwaukee St.
- Boise: 656 E. Boise Ave.
Illinois
- Orland Park: 15846 S. LaGrange Rd.
- Fox River Grove: 900 Route 22
Indiana
- Indianapolis: 6935 Lake Plaza Dr Ste C1
- Carmel: 2188 E. 116th St., Ste. D102
Kansas
- Lenexa: 14950 W. 87th St.
- Overland Park: 9606 Nall Avenue
- Mission: 5320 Martway St.
- Stanley: 8038 W. 151st St.
Kentucky
- Bowling Green: 1751 Scottsville Rd.
- Frankfort: 1303 US Hwy 127 S Ste 103
- Fort Mitchell: 2178 Dixie Hwy.
- Louisville: 9240 Westport Rd.
Louisiana
- Alexandria: 1460 MacArthur Blvd.
- Baton Rouge: 3735 Perkins Rd.
- Baton Rouge: 12694 Perkins Rd.
- Baton Rouge: 6632 Jones Creek Rd.
- Lake Charles: 3517 Ryan St.
- Lafayette: 3605 Ambassador Caffery Space E
- Mandeville: 2985 Hwy. 190
- Shreveport: 4800 Line Ave.
- Monroe: 1703 N. 18th St.
- Metairie: 1801 Airline Dr.
- Slidell: 176 Gause Blvd. W.
Maryland
- Stevensville: 380 Thompson Creek Rd.
- Easton: 210 Marlboro Ave., Ste. 47
Michigan
- Farmington: 23314 Farmington Rd.
Missouri
- Branson: 4310 Gretna Rd.
- Columbia: 1400 Forum Blvd. Ste. 1C
- Cape Girardeau: 155 Siemers Dr. Ste 1
- Lees Summit: 901 NW OBrien Rd.
- Joplin: 2639 E. 32nd St.
- Ellisville: 15921 Manchester Rd.
- Saint Louis: 6929 S. Lindbergh Blvd.
- Springfield: 2916 S. Glenstone Ave.
Mississippi
- Biloxi: 2650 Beach Blvd. Step 21
- Flowood: 630 Grants Ferry Rd.
- Brandon: 1578 W. Government St.
- Hattiesburg: 6062 Hwy. 98 Ste. 101
- Laurel: 934 N. 16th Avenue
- Jackson: 1053 E. County Line Rd., Ste 1041
- Long Beach: 19099 Pineville Rd. Ste. 102
- Oxford: 1913 University Ave.
- Ocean Springs: 2674 Bienville Blvd.
- Starkville: 402 Hwy 12 W
North Carolina
- Aberdeen: 1375 N. Sandhills Blvd.
- Burlington: 3394 S. Church St.
- Asheville: 44 Westgate Pkwy.
- Hendersonville: 1800 Four Seasons Blvd. H13
- Charlotte: 10828 Providence Road
- Huntersville: 102 Statesville Rd. Ste. E1
- Wilmington: 1039 S. College Rd.
North Dakota
- Fargo: 3223 13th Ave S.W.
New Mexico
- Las Cruces: 1723 E. University Blvd.
Ohio
- Cincinnati: 8178 Montgomery Rd.
- Kettering: 4116 W. Town and Country Rd.
- Highland Heights: 773 Alpha Dr.
- Stow: 1614 Norton Rd.
Oklahoma
- Edmond: 28 E. 33rd St.
- Midwest City: 7517 SE 15th
- Lawton: 3801 NW Cache Rd, Ste 36
- Oklahoma City: 11717 S. Western Ave.
- Norman: 3721 W Main St.
- Oklahoma City: 9446 N. May Avenue
- Tulsa: 6110 E. 71st St.
- Tulsa: 3111 S. Harvard Ave.
- Yukon: 1111 Garth Brooks Blvd.
Pennsylvania
- Lancaster: 1825 Columbia Ave.
- New Castle: 3332 Wilmington Rd.
- Leetsdale: 12 Ohio River Blvd.
- York: 2142 S. Queen St.
South Carolina
- Bluffton: 1 Sherington Dr.
- Greenville: 3715 E. North St.
- Columbia: 4905 Forest Dr.
- James Island: 1291 Folly Rd. Ste. 104
- Murrells Inlet: 736 and 740 Mink Ave.
- Lexington: 932 N. Lake Dr.
- Myrtle Beach: 6908 N. Kings Hwy.
- Rock Hill: 725 Cherry Rd. Ste. 190
- Pawleys Island: 10225 Ocean Hwy Unit 400
- North Myrtle Beach: 240 Highway 17 N
- Spartanburg: 1200 E. Main St., Ste 11
- Seneca: 113 Bilo Pl.
- Summerville: 622 Bacons Bridge Rd.
Tennessee
- Chattanooga: 3901 Hixson Pike, Ste. 133
- Cleveland: 820 25th St. NW
- Clarksville: 1951 Madison St.
- Collierville: 632 W. Poplar Ave.
- Knoxville: 148 N. Peters Rd.
- Jackson: 621 Old Hickory Blvd.
- Murfreesboro: 1250 NW Broad St.
Texas
- Abilene: 3301 S. 14th St., TX
- Amarillo: 3415 Bell St., TX
- Allen: 190 E. Stacy Rd., Ste. 1530, TX
- Arlington: 2737 W. Park Row Rd., TX
- Arlington: 1104 W. Arbrook Blvd., TX
- Austin: 10225 Research Blvd. Ste. 3000B, TX
- Cedar Park: 5001 183A Toll Rd. Ste. J100, TX
- Brownsville: 1601 Price Rd., TX
- Corpus Christi: 4102 S. Staples, TX
- Conroe: 1406 N. Loop 336 W. TX
- Dallas: 6465 E. Mockingbird Ln., Ste. 354 TX
- Euless: 2911 Rio Grande Blvd., Ste 400, TX
- Denton: 2608 W. University Dr., TX
- Farmers Branch: 14303 Inwood Road, TX
- Farmers Branch: 14303 Inwood Road, TX
- Frisco: 4995 Eldorado Pkwy Ste 520, TX
- Garland: 401 W. Interstate 30, TX
- Galveston: 2727 61st St., TX
- Georgetown: 1103 Rivery Blvd Ste #270, TX
- Houston: 10516 Old Katy Rd., TX
- Houston: 901A N. Shepherd Dr., TX
- Houston: 5419 FM 1960 W. Ste. E TX
- Houston: 1365 Kingwood Dr., TX
- Irving: 7787 N. MacArthur Blvd., TX
- Katy: 870 S. Mason Rd., TX
- Keller: 1580 Keller Pkwy FM 1709 TX
- Katy: 24427 Katy Fwy TX
- Kerrville: 851 Junction Hwy., TX
- Lewisville: 2325 S Stemmons Fwy Ste 103, TX
- Lakeway: 2300 Lohmans Spur, Ste. 145, TX
- Longview: 305 NW Loop 281, TX
- Lubbock: 7020 Quaker Ave., TX
- Mckinney: 117 S. Central Expressway, TX
- Marble Falls: 2511 N. U.S. Highway 281 TX
- Midland: 4610 N. Garfield, TX
- Paris: 3552 Lamar Ave., TX
- New Braunfels: 651 N. Business Interstate Hwy. 35 Stre. 1400 TX
- Plano: 1601 Preston Rd. Ste. F., TX
- Round Rock: 110 N. Interstate 35, TX
- Rockwall: 1117A Ridge Rd., TX
- San Angelo: 3578 Knickerbocker Rd., TX
- San Antonio: 2945 Thousand Oaks Dr., TX
- San Antonio: 12651 Vance Jackson Rd., Ste. 128 TX
- San Antonio: 18450 Blanco Road, TX
- San Antonio: 3910 McCullough Ave., TX
- San Antonio: 8421 N. US Hwy 281 Ste. 105, TX
- San Antonio: 6808 Huebner Road, TX
- Shenandoah: 17937 I-45 S Ste 125 TX
- South Padre Island: 410 Padre Blvd., TX
- Sherman: 2711 N. U.S. Highway 75, TX
- Spring: 4690 Louetta Road, TX
- Texarkana: 2315 Richmond Rd., Ste. 9B, TX
- Temple: 3064 S. 31st St., TX
- Tyler: 322 East S.E. Loop, 323 TX
- Universal City: 3150 Pat Booker Rd. Ste. 112, TX
- Waco: 5201 Bosque Blvd Ste 380 Bldg 3 TX
- Weatherford: 735 Adams Dr., TX
- Waxahachie: 1700 N. Hwy. 77, Ste. 166, TX
- Webster: 20740 Gulf Fwy Ste 140, TX
Virginia
- Charlottesville: 540 Pantops Center
- Roanoke: 660 Brandon Ave. S.W.
- Lynchburg: 2138 Wards Rd.
- Chesapeake: 237 Battlefield Blvd. S., Ste 1
- Salem: 1923 Electric Rd.
Conclusion:
In conclusion, loyal customers are left in wonder over Tuesday Morning’s choice to close and are eager to learn the reasoning behind it. The decision was made after the business had to bear a heavy financial strain as a result of the extended store closures in May 2020, at the time of the pandemic’s peak.
In the end, Tuesday Morning, they had to endure so much loss that they had to declare bankruptcy. It is the second time in three years that they have done so under Chapter 11. Its closure is due to “exceedingly burdensome debt” and the disappointing sales of several of its stores.
Consumers have shifted their buying patterns as a result of inflation, the pandemic’s effects, and other factors. And many retailers are struggling financially as a result of the increase in loan rates.
These factors together explain why many similar companies do poorly. Even Bed Bath & Beyond made a bankruptcy filing and store closing announcement for this year. Although the
The situation is heartbreaking for long-time clients; there is nothing that can be done when things are this bad.