Tuesday Morning files for bankruptcy
Tuesday Morning Corp. filed for Chapter 11 bankruptcy protection, citing the prolonged closure of its stores amid the COVID-19 pandemic as an "insurmountable financial hurdle."
The off-price home goods retailer, which has been struggling pre-pandemic, plans to permanently close about 230 of its 687 stores, or 33% of its total footprint, as part of the reorganization. The first wave of closings — at least 132 stores — will occur this summer (see end of article for list of locations) and also eventually include the company’s distribution center in Phoenix that supports the locations. Tuesday Morning said that it expects to exit Chapter 11 this fall with approximately 450 locations.
“The prolonged and unexpected closures of our stores in response to COVID-19 has had severe consequences on our business,” stated Steve Becker, CEO. “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 began reopening its stores on April 24 and, to date, has reopened about 80% of its locations. Comp-sales for the reopened stores are running about 10% higher than the year-ago period, according to the retailer.
The company has secured $100 million in debtor-in-possession financing from its lenders to help it get it through bankruptcy. As required by the DIP agreement, Tuesday Morning must obtain a commitment for up to $25 million of additional financing, which the company is negotiating.
“We plan to emerge from Chapter 11 in a stronger position as a leading home goods off-price retailer, providing unmatched value to our customers,” stated Becker. “The commitment from our lenders to provide access to significant capital demonstrates faith in our value-driven business model and iconic brand.”
Tuesday Morning’s filing comes a little over a week after J.C. Penney filed for Chapter 11.
These are the locations included in the first round of Tuesday Morning store closures, according to a report by USA Today.
- Cullman: Town Square Shopping Center, 1646 Town Square SW
- Gadsden: Riverview Plaza Shopping Center, 407 George Wallace Drive
- Montgomery: Promenade Montgomery, 2572 Eastern Blvd.
- Tucson: Northmall Centre, 4841 North Stone Ave.
- Conway: Kroger Center, 205 W. Oak St.
- Little Rock: Bowman Heights Shopping Center, 301 S. Bowman Road
- Aliso Viejo: The Commons at Aliso Town Center, 26505 Aliso Creek Road
- Culver City: Culver Center, 3844 Culver Center
- Elk Grove: Laguna Pavilion, 7440 Laguna Blvd.
- Eureka: The Eureka Mall, 800 W. Harris St.
- Fresno: Blackstone & Barstow Shopping Center, 5380 N. Blackstone Ave.
- Monterey: 842 Lighthouse Ave.
- Pasadena: Hastings Ranch Shopping Center, 3705 East Foothill Blvd.
- Placentia: Sierra Vista Plaza, 1850 N. Placentia Ave.
- Pleasant Hill: Carmelo Plaza, 1630 Contra Costa Blvd.
- Pleasanton: Santa Rita Square, 3170 Santa Rita Road
- San Clemente: Pico Plaza, 43 Calle De Industrias
- San Luis Obispo: Marigold Center, 3860-1 Broad St.
- Thousand Oaks: Conejo Valley Plaza, 1350 North Moorpark Road
- Union City: Union Landing, 31320 Courthouse Drive
- Vacaville: Nut Tree Shopping Center, 1661 E. Monte Vista Ave.
- Visalia: Packwood Creek East, 4256 S. Mooney Blvd.
- Westchester: Westchester Village, 8801 South Sepulveda Blvd.
- Colorado Springs: Southern Cross Shopping Center, 1833 S. Nevada Ave.
- Wilmington: Concord Square, 4431 Concord Pike
- Apopka: Colonial Shoppes Bear Lake, 3030 E. Semoran Blvd.
- Boca Raton: Mission Bay Plaza, 20415-A State Road 7
- Coral Springs: Turtle Crossing, 4396 N. State Road 7
- Daytona Beach: Bellair Plaza, 2435 N. Atlantic Ave.
- Daytona Beach: Tomoka Town Center, 1115 Cornerstone Blvd.
- Estero: Coconut Point Town Center, 8012 Mediterranean Drive
- Hollywood: Emerald Woods Plaza, 3900 North 46th St.
- Kissimmee: Loop West Shopping Center, 2003 W Osceola Parkway
- Largo: Barclay Square, 13819 L-M Walsingham Road
- Naples: Gulf Gate Plaza, 2648 Tamiami Trail
- Orange Park: Tuesday Morning Plaza, 291 Blanding Blvd.
- Pembroke Pines: Westfork Plaza, 15891 Pines Blvd.
- Royal Palm Beach: Buckingham Plaza, 310 South State Road 7
- St. Petersburg: Tyrone Gardens, 931 Tyrone Blvd. North
- Tequesta: Tequesta Shoppes, 115-A N. Highway US 1
- West Palm Beach: Westward Shopping Center, 2471 Okeechobee Blvd.
- Atlanta: Brighten Park, 2480 Briarcliff Road
- Atlanta: Parkway Pointe, 3101 Cobb Parkway SE
- Canton: Canton Exchange Shopping Center, 2243 Cumming Highway
- Columbus: Cross Country Plaza, 3201 Macon Road
- Dunwoody: Georgetown Shopping Center, 4490 Chamblee-Dunwoody Road
- Fayetteville: Fayette Pavilion III, 240 Pavilion Parkway
- McDonough: McDonough Commons, 1541 Highway 20 W
- Norcross: The Village at Peachtree Corners, 5270 Peachtree Parkway
- Idaho Falls: Teton Village Plaza, 2131 E. 17th St.
- Pocatello: Yellowstone Plaza, 675 Yellowstone Ave.
- Downers Grove: Butterfield Plaza, 1310 Butterfield Road
- Naperville: Naper West Plaza, 586 S. IL Route 59
- Wheaton: Rice Lake Square, 229 Rice Lake Square
- Bloomington: Fresh Thyme, 3600 W 3rd St.
- Indianapolis: Shoppes at County Line, 8705 Hardegan St.
- Indianapolis: Willow Lake East, 2620 Lake Circle Drive
- Merrillville: Merrillville Plaza, 1635 East 80th Ave.
- Marion: Collins Road Square, 1370 Twixt Town Road
- Manhattan: Town East Center, 441 E. Poyntz Ave.
- Topeka: Wanamaker 21, 1930A1 SW Wanamaker Road
- Wichita: 2350 N. Maize Road
- Glen Burnie: Beltway Crossing Shopping Center, 6322 Ritchie Highway
- Salisbury: The Centre at Salisbury, 2300 N. Salisbury Blvd.
- Towson: Goucher Commons, 803 Goucher Blvd.
- Canton: New Towne Plaza, 44524 Ford Road
- Roseville: Gratiot Center, 31902 Gratiot Ave.
- Richfield: Southdale Square, 2940 W 66th St.
- Woodbury: Woodbury Village Shopping Center, 7150 Valley Creek Plaza
- Chesterfield: Chesterfield Commons Technology Park, 17353 Edison Ave.
- St. Louis: Watson Plaza Shopping Center, 233 Watson Plaza
- Omaha: Eagle Run Shopping Center, 13320 West Maple Road
- Omaha: Westwood Plaza, 12119 West Center Road
- East Hanover: Castle Ridge Plaza, 388 State Route 10 West
- Middletown: Union Square Shopping Center, 500 Highway 35
- Paramus: Paramus Place, 165 Route 4 West
- Ramsey: The Ramsey Square Shopping Center, 1300 New Jersey 17
- River: Bey Lea Plaza, 1232 Hooper Ave.
- South Plainfield: Middlesex Mall, 6781 Hadley Road
- Watchung: Blue Star Shopping Center, 1701-75 Route 22 West
- Albany: Crossgates Commons, 161 Washington Avenue Extension
- Amherst: Eastview Plaza, 8190-8250 Transit Road
- Victor: Cobblestone Court, 8000 Pittsford-Victor Road
- Raleigh: Plantation Point, 6411 Triangle Plantation Drive
Ohio Tuesday Morning store closings
- Columbus: Easton Square, 3886A Morse Road
- Poland: Tiffany Square, 1300 Boardman Poland Road
- Rocky River: River Square, 19875 Detroit Road
- Solon: Solon Square Shopping Center, 33507 Aurora Road
- Springdale: Springdale Plaza, 473 East Kemper Road
Oregon Tuesday Morning closure
- Portland: Prime Square, 205 9800 SE Washington St.
Pennsylvania Tuesday Morning closings
- Harrisburg: Colonial Commons, 5098 Jonestown Road
- Mechanicsburg: Carpet Mart Plaza, 5103 Carlisle Pike
- Pittsburgh: Penn Center East, 3430 William Penn Highway
- Pittsburgh: North Hills Village, 4801 McKnight Road
- Pleasant Hills: Southland Four Seasons Shopping Center, 641-643 Clairton Blvd.
- Quakertown: Trainer's Corner Shopping Center, 200 N West End Blvd.
- Wilkes Barre: Wilkes Barre Commons, 3460 Wilkes Barre Blvd.
- Chattanooga: Eastgate Town Center, 5600 Brainerd Road
- Knoxville: The Shops At Western Plaza, 4553 Kingston Pike
- Nashville: 4108 Hillsboro Pike
- Arlington: Courtside Plaza Shopping Center, 5930 IH 20 West
- Austin: Plaza 183, 13450 Research Blvd.
- Clute: Plantation Plaza, 105 Dixie Drive
- Dallas: Best Buy Shopping Center, 9384 N. Central Expressway
- Irving: Irving Towne Center, 3401 W. Airport Freeway
- Lufkin: Chestnut Village Shopping Center, 535 S. Chestnut St.
- Murphy: Murphy Marketplace, 104 North Murphy Road
- Pasadena: The Market at Crenshaw, 4581 E. Sam Houston Parkway S.
- Richardson: 1750 E. Belt Line Road
- Richardson: Arapaho Village, 819 Arapaho Road
- San Antonio: Village at Stone Oak, 2606 TPC Parkway
- Seabrook: Miramar Shopping Center, 2124 Bayport Blvd.
- Bountiful: Gateway Crossing Shopping Center, 268 S. 500 W.
- Bailey's Crossroads: 3501 Carlin Springs Road
- Centreville: Village Center Shopping Center, 5619 Stone Road
- Christiansburg: Midway Shopping Center, 3165 N. Franklin St.
- Fairfax: Fairfax Circle Shopping Center, 9709 Fairfax Blvd.
- Fredericksburg: Gateway Village / Fredericksburg Design Center, 2340 Plank Road
- Richmond: Pocono Crossing, 10364 Midlothian Turnpike
- Stafford: The Market at Shelton Shop, 901 Garrisonville Road
- Sterling: Sugarland Crossing Shopping Center, 47100 Community Plaza
- Vienna: Vienna Shopping Center, 136-138 D Maple Ave. West
- Virginia Beach: London Bridge Shopping Center, 2346 Virginia Beach Blvd.
- Warrenton: Warrenton Towne Centre, 619 Frost Ave.
- Bellevue: 653-156th Ave. NE
- Federal Way: SeaTac Village Shopping Center, 1718 South 320th St.
- Kirkland: Rosehill Plaza, 12042 NE 85th St.
- Lynnwood: Alderwood Parkway Place, 19225 Alderwood Mall Parkway
- Tacoma: Michael's Center, 3701 S. Cedar St.
- Tukwila: Parkway Super Center, 17720 South Center Parkway
- Green Bay: Green Bay Plaza, 1481-1535 W. Mason St.
- Middleton: Greenway Station Shopping Center, 1700 Deming Way