Tuesday Morning becomes 5th big retailer to file Chapter 11
NEW YORK Discount goods retailer Tuesday Morning has filed for Chapter 11 bankruptcy protection, the fifth major retailer to do so since the pandemic. As part of the bankruptcy reorganization, the Dallas-based chain said Wednesday it plans to close approximately 230 of its 687 stores over the summer to focus on high-performing locations and will do so with a phased approach. Tuesday Morning joins J.C. Penney, luxury department store chain Neiman Marcus, J.Crew and Stage Stores in filing for Chapter 11 since the pandemic that forced many stores selling non-essential goods to close resulting in evaporating sales.
Tuesday Morning is about to close 130 stores. Here's a map of where they are
Discount retailer Tuesday Morning has filed for Chapter 11 bankruptcy protection and is looking to shut more than 200 of its nearly 700 stores. Meantime, the company said it ultimately plans to close another 100 stores in addition to the 132, leaving it with about 450 locations when it exits Chapter 11 in early fall. J.C. Penney, which filed for bankruptcy earlier this month, is planning to close about 240 stores as part of its restructuring. L Brands is planning to close 250 Victoria's Secret stores in 2020. "You now have Pier 1 and Tuesday Morning," closing hundreds of stores altogether, said Bill Read, executive vice president at commercial real estate services firm Retail Specialists.cnbc.com