8 ON YOUR SIDE: Tuesday Morning Closing All Stores
Tuesday Morning, the discount home goods retailer, has announced that it is closing all stores after filing for Chapter 11 bankruptcy protection earlier this year.
This is the company’s second bankruptcy in three years.
Tuesday Morning’s previous bankruptcy came during the initial months of the Covid-19 pandemic. The chain said in February that it must restructure its “exceedingly burdensome debt.” It has secured $51 million in financing to keep operations running.
The company, based in Dallas, Texas, has about 480 stores, down from around 700 three years ago. The company had already closed its Montgomery store.
Tuesday Morning joins a growing number of financially distressed retailers. They include Bed Bath & Beyond, which is also closing all of its stores, and David’s Bridal, which is laying off more than 9.000 workers this year.
— Information from CNN