Posted on 05/02/2023 12:11:41 PM PDT by Red Badger
Retailer Tuesday Morning, a fixture in the home goods market for almost 50 years, is closing all of its stores.
The retailer announced the closings on its website. No official closing date was announced.
According to the Houston Chronicle, the discount home goods chain filed for Chapter 11 bankruptcy protection in February. It had previously filed for Chapter 11 protection in 2020 while trying to reorganize.
The Chronicle reported that Tuesday Morning was granted a request to allow Hilco Global to sell all of its merchandise, Hilco Global is buying Tuesday Morning for $32 million.
Tuesday Morning has stores in 25 states that will be closing, according to KLFY-TV in Lafayette, Louisiana.
The Dallas Morning News reported that as of February, Tuesday Morning had 487 stores in 40 states. It since closed about 265 stores.
The company was founded in Dallas in 1974. The closing means that in addition to store closings within the next few weeks, all the employees at Tuesday Morning’s North Dallas headquarters will lose their jobs.
The demise of Tuesday Morning comes amid a massive shakeup in the retail industry.
Late last month, Bed Bath & Beyond filed for reorganization under Chapter 11 of the federal bankruptcy laws.
CNN noted that retail sector bankruptcies are rising. The outlet cited relatively recent filings by Party City, mattress manufacturer Serta Simmons and Independent Pet Partners, a pet store retailer. David’s Bridal, a national wedding gown store, filed for Chapter 11 reorganization recently, as well.
A report by Insider prior to the Tuesday Morning announcement estimated 1,400 retail stores are in the process of closing.
A CBS report said the nation has lost roughly 2,000 stores in the past year.
Completing this poll entitles you to our news updates free of charge. You may opt out at anytime. You also agree to our Privacy Policy and Terms of Use. Experts at UBS said that over the next five years, up to 50,000 stores might close, a number that could hit 90,000 if the economy goes into a long recession.
The report estimates there are 940,000 stores and that the prediction “simply implies that there will be 5% fewer stores by the end of 2027,” analysts said.
Tuesday Morning announces this on a Tuesday morning. Sounds like it’s intended to be a cruel joke.
Someone at the White House please make sure Slow Joe gets an extra scoop of ice cream tonight for a job well done.
THANK YOU NEWBIE!! I have gotten the most unusual FABULOUS things for my homes over the years....I will miss them!
Crooked Joe said he was going to institute "fundamental change". This is it, and all the "karens" out there that voted for this socialist clown better STFU!
CROWDED AISLES..you never went to the ones I went to!
That’s just silly. This is clearly Trump’s fault.
Never heard of ‘em so won’t miss ‘em.
Oh noes! They have the coolest stuff at great prices. So sad that will be no more. :(
One less “gun-free zone”.
None of those in these parts, except once per week. 😂 More seriously, 2023 is going to be a terrible year for brick and mortar retail. I keep seeing reports that twenty plus large retailers will go bankrupt and close many if not all of their stores. Tuesday Morning has been in several of those reports. This will only exacerbate the commercial real estate situation and impact dozens of already technically insolvent banks.
It had to be on a Tuesday; they’re closed otherwise.
Well, sad to see a company go under, but then again, that’s capitalism, if they just can’t compete.
Many other places have substandard cheap houseware products.
The Barak Train Wreckonomy continues as planned.
Not just Donald, it’s the entire Trump Crime Family! I heard a rumor that the Trumps are going to buy all these vacant stores and turn them into indoor shooting ranges with transgender silhouette targets. /s
Yep, I’ve been hearing that commercial real estate is due for a meltdown.
Apparently the key indicators are there, for this meltdown to happen. Retailers struggling, office space going vacant, owners of malls and office buildings having trouble making their mortgage payments, due to vacancies, and other factors, may be adding up to a perfect storm.
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