Saturday, March 4, 2023

Tuesday Morning filed for bankruptcy again, a tale of the Retail Apocalypse

It's time for another tale of the Retail Apocalypse from Erik of Retail Archaeology, Tuesday Morning: Bankrupt Again!

In this episode of Retail Archaeology we take a look at a Tuesday Morning store liquidation sale and discuss their second bankruptcy filing.
I embedded Erik's earlier video in Chuck E. Cheese, GNC, and Tuesday Morning all file for bankruptcy, tales of the Retail Apocalypse during the pandemic. I'm being a good environmentalist by recycling my reaction.
Erik's video shows that the company had likely had issues even before the crisis hit, just like Chuck E. Cheese and GNC. As I wrote in April, the pandemic is just accelerating existing retail trends. Companies that were already in trouble are the ones to succumb first.
It looks like Tuesday Morning never got out of trouble. That doesn't mean that it didn't have fans and that the closed stores won't be missed. Watch Tuesday Morning closing 16 Colorado stores from KUSA News9 to see a couple of news anchors mourn for their local stores closing.

Home goods store Tuesday Morning plans to close 265 stores as part of a bankruptcy filing, including 16 locations in Colorado.

The sixteen Tuesday Morning stores include locations in Denver, Colorado Springs, Littleton, Castle Rock, Fort Collins, Longmont, Wheat Ridge, Johnstown, Sheridan, Grand Junction, Silverthorne, Parker, Northglenn, and Pueblo.

Dallas-based Tuesday Morning filed for bankruptcy on Tuesday. The 265 closures are more than half of Tuesday Morning's stores.

According to Business Insider, the closures target the company's least profitable stores while it attempts to reorganize itself.

Tuesday Morning also filed for bankruptcy in 2020, when its store count went from 700 to its current 487.

Tuesday Morning posted to its website the 16 stores it plans to close in Colorado saying "everything on sale."
That was the most comprehensive description. Here's the video with the most informative preview image, WFAA's Dallas-based Tuesday Morning files for bankruptcy, some stores to close.

The Dallas-based home decor retailer is set to close stores in "low-traffic regions."
This won't be the end of the company, as it filed for Chapter 11 bankruptcy and plans on keeping more than half of its current stores, but I'm with Erik; its days may be numbered.

Stay tuned for the highlights of tonight's "Saturday Night Live" episode, which may or may not be the Sunday entertainment feature. I could post a second entry tomorrow, just as I did today.

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