Discount retailer Tuesday Morning has filed for Chapter 11 bankruptcy protectionand is looking to shut more than 200 of its nearly 700 stores. Founded in 1974, Tuesday Morning is a national off-price retailer that specializes in home products, textiles, furnishings and other home goods. It filed for Chapter 11 protection on Wednesday. Summary Toggle Tuesday Morning Corporation Announces Second Quarter Fiscal 2020 Results. Copyright © 2020 The Dallas Morning News. As of April 24, when it started reopening stores, the company says its comparable store sales have been about 10% higher than sales during the same period last year. 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. Find Great Products at Incredible Prices for Every Room in Your Home. 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. That frequently changing inventory is one reason the retailer has said it hasn’t established an e-commerce business. Tuesday Morning Corp., the discount home-goods retailer, is discussing a potential bankruptcy filing after the pandemic shut down its stores, according to people with knowledge of the matter. We search the world for top-quality, name-brand home décor then bring it to you at 20-60% off department store prices. Most stock quote data provided by BATS. Maria Halkias has covered the retail scene for The Dallas Morning News since 1993. Here’s how, Are older people taking over, disappearing or invisible? New York (CNN Business)Discount home goods retailer Tuesday Morning filed for bankruptcy, blaming Covid-19 for prolonged store closures that caused an "insurmountable financial hurdle. “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. The biggest stories in fast food, shopping, and more. It does not have an e-commerce business, making the temporary store closures particularly devastating. The off-price home-goods retailer listed the addresses of these locations in court filings on Wednesday and said they were expected to begin closing on June 1. Just In - Wide Assortment of Health Essentials and More. All rights reserved. The situation remains fluid and plans could change, with the company still seeking alternative forms of financing, according to the people. Tuesday Morning has reopened around 80% of its stores in recent weeks and has brought 7,000 employees back to work. The off-price home-goods retailer Tuesday Morning is planning to close at least 132 stores across the US this summer.
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