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.
Yeah, from other posts here it seems there were some nice ones. Maybe just the one here was badly run.
Soon we’ll be like cells in a plant or animal: delivery vehicles and garbage trucks are our blood stream, the internet is our nervous system.
And “racism in our DNA”. Obama said so; must be true.
Nobody really seems sad about Tuesday Morning.
It's not like Sunday Mornin' Comin' Down.
do not be alarmed
they are still in the destruction stage of
build back better
Stores that depend on odd lot merchandise are having a harder time getting enough saleable merchandise as Amazon now finely tunes retail merchandise purchases and sales.
Online offerings, more than prices, put pressure on them to step up their level of service and offerings and they failed because they're not built on that model.
I've worked in corporate headquarters and it was shocking how dismal their systems were. For example, we'd ask a basic question about linked items; "Since we don't want to bother carrying product A if we also don't have product B, because most customers buy them together, can we link items in the system and flag when our in-stock rates will deviate from the ratio we want?"
We'd get blank stares at first and then after a whole bunch of meetings explaining it, you would have thought we were asking them to program a satellite launch for a Mars mission.
These companies aren't going out of business just because of an economic downturn, they're also going out of business because they were unwilling or unable to invest in serious tools and staff to support their customers. Their business model was never built on it.
Brick and Mortar stores are all going away, one by one.................
I just viewed this video this morning on Youtube. I wasn't even looking for it.
15 Biggest Chains In America That Will Disappear In The Months Ahead
And it listed 15 retailers that will disappear in the coming months. Those are:
Big Lots
Rite Aid
Bed Bath and Beyond
Party City
Dollar General
Tuesday Morning
CVS
Amazon Go and Amazon Fresh
Nordstrom
Best Buy
The Children's Place
Corner Bakery
Mattress Firm
Kirklands
Express
Notice where Tuesday Morning is on that list. Check it out. Very informative.
I’ll miss them, I’ve gotten some great name brands for a deep discount.
They’re also where I discovered my new favorite jam—Maury Island Farm Red Raspberry. Scrumptious! At least I can get the jam at the MIF website.
Bummer.
Big Lots and Dollar General are within walking distance of my house. Right next to each other!...................
It’s hard to get upset when a CCP store front goes under. Oh well.
Dollar Generals are everywhere. Imagine if that one goes belly up.
Perfect description. Stores like that can be fun.
Why do you have to dig down seven or eight sentences before you find out what company was going out of business? (not you RB). The store name should have been in the first line of the story.
Dollar Generals are everywhere. Imagine if that one goes belly up.
Family Dollar takes over?
DG is and will be a survivor of the retail bloodbath...they are the modern version of the general store, have product made just for them and have brand name product in special (smaller)packaging for their stores.
What has killed Tuesday Morning and is hurting Big Lots and these other surplus/closeout stores is that there is less surplus stuff around and it is going into the online retail channels.
They were terrific with wonderful buys. they closed about 10 years ago here. I still am using their towels and candles.
High end items at a discount
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