Tuesday Morning Closing All Stores, Going Out of Business
Tuesday Morning is going out of business and closing all of its stores, reports CNN. After 49 years in business, the Dallas-based off-price home decor retailer will go out of business following a court-approved bankruptcy sale to Hilco Merchant Resources for $32 million on Thursday. Going-out-of-business sales have begun at all of the company's roughly 200 remaining stores in 25 states across the U.S. Tuesday Morning filed for Chapter 11 for the second time in three years in February with plans to restructure.
Total Retail's Take: Unfortunately, Tuesday Morning's plans to reorganize in bankruptcy weren't able to save the business from closing. In the last year, the company secured $32 million in debt financing, changed leadership, and voluntarily delisted itself from the Nasdaq with eyes on going private. While Tuesday Morning floated for longer than other retailers that have closed in recent years, much of its demise started with the onset of the COVID-19 pandemic. Three years ago, Tuesday Morning operated about 700 stores. Notably, the legacy brick-and-mortar company doesn't sell products online. The in-store bargain hunt may be essential part of the shopping experience for its customers, but Tuesday Morning's lack of e-commerce put the retailer in a difficult position for survival. Other omnichannel discount chains, which Tuesday Morning would count as its competitors, have seen an increase in sales as consumers watch their wallets in an uncertain economic environment.
Kristina Stidham is the digital content director at Total Retail and sister brands Women in Retail Leadership Circle and Women Leading Travel & Hospitality at NAPCO Media. She is passionate about digital media and handles video, podcast and virtual event production for all brands. You can often find her at WIRLC, TR, WLT&H or industry events with her camera and podcasting equipment—or at home on Zoom—recording interviews with thought leaders and business executives.
Kristina holds a B.A. in Media Studies and Production from the Temple University Klein College of Media and Communication in Philadelphia. Go Owls! When she's not in the office, she loves to go on long walks, sing around the house, hangout with her family and two pet guinea pigs, and travel to new places.