Tuesday Morning joins retailers filing for bankruptcy

May 27, 2020

Discount home goods retailer Tuesday Morning has filed for Chapter 11 bankruptcy and plan to close about 240 of its almost 700 stores.

The Dallas-based company is seeking court approval to close 132 stores that are underperforming or within close proximity of another location, it said in a news release. The Sioux Falls store, which is being rebuilt at Plaza 41 after being damaged in a tornado last year, is not on the initial list. The additional 100 stores would be closed in a second phase later in the summer.

Tuesday Morning will seek to renegotiate “a significant number of leases during this process,” according to the statement.

“The prolonged and unexpected closures of our stores in response to COVID-19 has had severe consequences on our business,” CEO Steve Becker said. “Prior to the pandemic, we were gaining momentum in our merchant organization, growing our vendor base and improving brands, assortment and value for our customers, while investing in our technology and corporate leadership team. However, the complete halt of store operations for two months put the company in a financial position that can be effectively addressed only through a reorganization in Chapter 11.”

Tuesday Morning joins other retailers with Sioux Falls stores that have filed for bankruptcy in recent weeks. J.C. Penney Inc. and the parent company of Victoria’s Secret plan to close some of their stores. Pier 1 Imports and the parent company of Gordman’s are liquidating all their stores.

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Tuesday Morning joins retailers filing for bankruptcy

Discount home goods retailer Tuesday Morning has filed for Chapter 11 bankruptcy and plan to close about 240 of its almost 700 stores.

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