Tuesday Morning to close all stores after 49 years
Off-price retailer Tuesday Morning is closing all stores and shuttering its business following its second Chapter 11 bankruptcy filing in three years. The liquidation of all merchandise has begun in stores with prices initially marked down 30%.
The company said coupons and gift cards must be used by May 13. The Dallas-based retailer still operates more than 250 stores including locations in Benton, Fayetteville, Fort Smith, Hot Springs, Little Rock, Rogers and Searcy.
The retailer said its assets are being acquired by Hilco Merchant Resources for more than $32 million. The company will shutter its home office operations in Dallas impacting around 2,000 corporate employees in the coming weeks and roughly 1,200 workers in the closing stores.
Tuesday Morning is the second retailer to shutter its stores in recent weeks, following news of Bed Bath & Beyond’s liquidation. The company has struggled for several months and had hoped it would find new life with a smaller footprint. However, the new ownership is not interested in keeping the retail business. The sales are “necessary to maximize the value of the assets being sold,” the retailer stated.
“Thank you for 49 years of loyalty and support,” Tuesday Morning posted on social media on Saturday, April 29.
Retail analysts have said the bankruptcies of Tuesday Morning, Bed Bath & Beyond and Party City were not a surprise as the businesses have hemorrhaged losses for months, noting that high levels of debt remain problematic for retailers amid rising interest rates and an ongoing shift in consumer spending patterns.