Tuesday Morning Closing 31 Stores in California
The pandemic has taken another victim, as discount home goods retailer Tuesday Morning has filed for Chapter 11 bankruptcy, and will close 263 stores in the U.S., including 31 in California. It’s the Dallas-based company’s second bankruptcy in three years, citing fallout from the COVID-19 pandemic.
According to the Press-Enterprise, there will be 20 store closures in Southern California alone, including Glendora, Woodland Hills, Santa Monica, Orange, Riverside, Palm Desert, and more. Five of the stores are in San Diego County, two in Ventura County, eight in the Central Valley and three in the Bay Area, including Petaluma, San Jose and Novato. The first phase of the shutterings will begin this summer.
Tuesday Morning will use the bankruptcy process to renegotiate leases and focus on high-performing stores in “vibrant markets”. The retailer has secured $51.5 million in financing from Invictus Global Management to support operations during the bankruptcy proceedings. Tuesday Morning joins other big-name retailers like JCPenney, Neiman Marcus, J. Crew and Pier 1 which have all filed for bankruptcy post-pandemic, and Bed Bath & Beyond looks to be next.