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“Immense Strain” of COVID Pushes Tuesday Morning into Bankruptcy
Off-price home goods retailer Tuesday Morning filed for Chapter 11 protection Wednesday at United States Bankruptcy Court in Dallas. The company cited “the immense strain the COVID-19 pandemic and related store closures have put on the business.”
CEO Steve Becker said that prior to the pandemic, “we were gaining momentum in our merchant organization, growing our vendor base and improving brands, assortment and value for our customers, while investing in our technology and corporate leadership team. However, 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.”
The Dallas-based retailer, which has reopened 80% of its existing store footprint, plans to close 230 locations as part of its reorganization. It plans to emerge from bankruptcy protection with a store count of about 450.
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