Tuesday Morning to Close 24 Stores Across Texas, 11 in DFW
Dallas-based Tuesday Morning has revealed plans to close more than half of its stores across the country as the off-price retailer seeks financial and operational reorganization as a means to shore up outstanding liabilities, obtain capital and evolve into a nimbler retailer. It’s closing 24 Texas stores, 11 in the D-FW area. Tuesday Morning filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Fort Worth, its second filing in three years. The closing stores’ inventory will be liquidated. Store liquidator Gordon Brothers has been tapped to lead the closings. The chain had 487 stores nationwide before the announcement.
Beyond store closures, Tuesday Morning, a retailer of home furnishings and small appliances, is looking to reduce costs and create efficiencies across its distribution channels through its focus on its remaining stores. That streamlining is expected to include a pivot to a third-party logistics model and transition to a more cost-effective inventory acquisition strategy. Invictus Global Management has committed to provide $51.5 million of debtor-in-possession financing.