Discount retailer Tuesday Morning has announced plans to close more than 250 stores across the United States after filing for Chapter 11 bankruptcy. The home goods company, which operates 464 stores in 39 states, has been struggling with too many unprofitable locations and a downward trend in revenue.
Comparable store sales were down by 10.4% in Q1 2023, which ended in October. In September 2022, Tuesday Morning managed to avoid another bankruptcy filing with the help of last-minute cash infusions.
However, the company has since decided that restructuring will be its best path forward. By filing for Chapter 11 bankruptcy, Tuesday Morning aims to transform into a nimbler retailer. The list of 264 stores slated for closure includes locations in 38 states.
In Florida, for example, the following stores are set to close: – 1000 Immokalee Road at Granada Shoppes in Naples, FL – 1377 Wendy Court at Nature Coast Commons in Spring Hill, FL – 13300 S Cleveland Avenue at Cypress Trace in Fort Myers, FL – 1615 Sun City Center Plaza at Sun City Center Plaza in Sun City Center, FL.
These closures are part of a larger trend of retail store closures and bankruptcies in recent years, as brick-and-mortar retailers face increasing competition from online shopping platforms.
As Tuesday Morning moves forward with its restructuring plan, it hopes to emerge as a more competitive and profitable business in the ever-changing retail landscape.