"The complete halt of store operations for two months put the Company in a financial position that can be effectively addressed only through a reorganization in Chapter 11," he said. Could this be the cure to our plastic problem? as well as other partner offers and accept our, Visit Business Insider's homepage for more stories, These 15 retailers and restaurant chains have filed for bankruptcy or liquidation in 2020. Founded in 1974, Tuesday Morning is a national off-price retailer that specializes in home products, textiles, furnishings and other home goods. "The complete halt of store operations for two months put the company in a financial position that can be effectively addressed only through a reorganization in Chapter 11," he said in a statement. A dozen Texas stores are in that first batch of closings: at 9384 N. Central Expressway in Dallas; 104 North Murphy Road in Murphy; 819 Arapaho Road and 1750 E. Belt Line Road in Richardson; 3401 W. Airport Frwy. Off-price retailer holds talks with lenders about financing, Company’s outlets are shuttered, and there’s no online channel. That credit line was reduced to $130 million while stores were temporarily closed. Prior to yesterday’s closings, Tuesday Morning had approximately 400 stores closed in. Discover new, closeout deals each week and enjoy bringing home more of what you love. Find a Tuesday Morning near you. Depends on your perspective, Dallas-based Studio Movie Grill files bankruptcy, citing ‘unparalleled impact from COVID-19’, Joe Buck says comments about military flyover were misrepresented, and whoever leaked audio ‘will get found out’, These North Texas suburbs are among the ‘best small cities’ in America, study finds, These North Texas entrepreneurs are among Forbes’ richest self-made women, Navidad en Grapevine: Viaje en el tren North Pole Express, un paseo por Grapevine Vintage Railroad. That may be true in Texas and throughout the Southeast, but the company operated in 39 states. Here’s how, Are older people taking over, disappearing or invisible? Tuesday Morning will continue to do business throughout the process and beyond. Earlier this month, the retailer’s bank, J. P. Morgan Chase, told the company to hire financial advisers. As part of its Chapter 11 bankruptcy filing, Tuesday Morning will close about 230 of its nearly 700 stores. Tuesday Morning CEO Steven Becker said in a statement that before the pandemic, the retailer’s balance sheet was conservative, with only $3.6 million drawn on its $180 million credit line. Guthrie to Trump: You're the President, you're not some crazy uncle! Through a Chapter 11 filing, Tuesday Morning would avoid liquidation, reduce its loan amounts, and close underperforming stores to help reduce its overall costs, the news outlet said. “Although the pandemic has been a challenging time, we’re well-positioned going forward,” Becker said in an emailed statement. Store Locator.

All rights reserved. Before it's here, it's on the Bloomberg Terminal. By signing up you agree to our privacy policy, Stand with us in our mission to discover and uncover the story of North Texas. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. It also has a large seasonal business, and during Christmas particularly, its stores are stocked with party and decorative supplies. Tuesday Morning … It said sales are up 10% compared with the same time period a year earlier. Letter to our Customers Fort Worth-based Pier 1 Imports filed for bankruptcy in February and planned to find a buyer and reorganize, but it ended up having to liquidate. Please refer to the following for more information: Press Release Apollo Investor Revolt Swells Over Black’s Epstein Ties, Time to Reset Expectations for World Economy With Virus Untamed, Lee Kun-hee, Korean Icon Who Transformed Samsung, Dies at 78, China Reconsiders Its Global Strategy for the Yuan, The 40 in 60/40 Portfolios Is Getting Wilder and Wilder. Tuesday Morning has reopened around 80% of its stores in recent weeks and has brought 7,000 employees back to work. Read More. ", The Dallas-based chain said Wednesday it will. The corporate owner is blaming the COVID-19 pandemic. Summary Toggle Tuesday Morning Corporation Announces Second Quarter Fiscal 2020 Results. Off-price retailer Tuesday Morning files for bankruptcy, plans to close 230 stores, Handcuffed, tied down, beaten: Pastor Rickie Rush faces new allegations of abusing children, Dallas County reports 648 new confirmed coronavirus cases, all from October, adds 1 death, Surging coronavirus colors White House race in closing days, Texas Supreme Court stays order that had blocked Gov. Off-price retailer Tuesday Morning files for bankruptcy, plans to close 230 stores The Dallas-based retailer of closeout home furnishings and gifts said it has 687 stores … Maria Halkias has covered the retail scene for The Dallas Morning News since 1993. Please refer to the following for more information: In the press release announcing its bankruptcy, Tuesday Morning CEO Steve Becker specifically mentioned the COVID-19 pandemic as contributing to the business' struggles. “The complete halt of store operations for two months put the company in a financial position that can be effectively addressed only through a reorganization in Chapter 11,” Becker said. Discount retailer Tuesday Morning has filed for Chapter 11 bankruptcy protectionand is looking to shut more than 200 of its nearly 700 stores. After its first round of closings, it will be down to 555 stores, and the company said it plans to close 100 additional locations. We specialize in name-brand, better/best products for the home. The COVID-19 pandemic forced us to close our doors for an extended period and placed immense strain on our business. We are known for irresistible finds at an incredible value and search the … Check Your Store's Hours! Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. The company, which was founded in Dallas in 1974, plans to close about 230 stores and exit Chapter 11 in the fall with 450 stores. It has about 700 stores in 39 states, according to its website. OUR STORES ARE OPEN! Tuesday Morning has 110 stores in Texas, including 37 in Dallas-Fort Worth. Tuesday Morning follows Dallas-based Neiman Marcus and Plano-based J.C. Penney into bankruptcy court after the pandemic forced retailers deemed nonessential to close stores for almost two months. Among its trade creditors, only one is owed more than $1 million, as the company buys manufacturers’ overruns and merchandise that other retailers canceled from dozens of suppliers.

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