A BIG retailer is closing four stores in one city alone while struggling through bankruptcy proceedings and a larger trend known as the “retail apocalypse.”
Tuesday Morning, a HomeGoods rival that sells discount furniture and home accessories, is struggling with a larger trend of retailers shutting down across the country.
At least 860 stores have reported their impending closures in 2023, but that’s likely just the beginning of the burgeoning retail ice age.
In the Cincinnati area, shoppers will be particularly hard hit by the crisis, as four stores in the area will close Tuesday morning.
The affected locations are below:
- 5056 Glencrossing Way, Cincinnati, Ohio 45238
- Cherry Grove Plaza, 454 Ohio Pike, Cincinnati, OH 45255
- Centerville Place, 1079 South Main Street, Centerville, OH 45458
Also, another store on the Kentucky border is closing its doors forever. This is located at Alexandria Village Green 6927 Alexandria Pike, Alexandria.
The news came after bankruptcy was filed for the second time in just three years on Tuesday morning.
The first hit of closures for the chain came in May 2020 following its initial filing for bankruptcy protection. At that time, the retailer lost 230 locations.
While Tuesday Morning finally emerged from bankruptcy in December of this year, it has still struggled since.
For the fiscal year ended July 2, 2022, the store lost $59 million and lost an additional $28.1 million in the first quarter of the current fiscal year.
The company said filing for bankruptcy will “allow the company to reduce its outstanding debt, raise significant and necessary capital and ultimately transform itself into a more nimble retailer that serves traditional markets profitably.”
The bankruptcy restructuring aims to focus on Tuesday Morning’s core markets and close locations in low-traffic regions, the company said.
As part of the process, Tuesday Morning has scheduled the closure of half of its 487 stores in the United States. That includes seven in Ohio.
Before filing for bankruptcy, Tuesday Morning operated 687 stores nationwide.
“As part of its transformation, Tuesday Morning is committed to optimizing its store footprint and focusing on its core markets,” said Todd Eyler, senior managing director of A&G.
“The company’s new management team believes that this focused approach to closing unprofitable and underperforming stores, along with the host of other actions taken to improve operations, will allow Tuesday Morning to emerge from Chapter 11 with a profitable fleet of stores that serve its most dedicated and loyal.” Customers.”
However, executives have warned that more stores can be expected to close their stores “if certain acceptable terms are not reached with landlords”.
Big cities like Austin, Texas; Columbus, OH; Raleigh, NC; Las Vegas, Nevada; San Diego, California; and Atlanta, Georgia will be hardest hit by the closures.
Alabama could lose at least eight stores, while Arizona will lose ten.
And more than 30 locations across California will close, while more than 20 stores in Florida and Texas will also close.
Burt Flickinger III, an executive at Strategic Resource Group, told the Los Angeles Daily News that Tuesday morning’s financial woes are a sign that the “retail ice age” has accelerated.
“Before Covid-19, around one in eight retail purchases was made online. Now it’s about one in five,” he said.
“Stores like Tuesday Morning are being taken down through no fault of their own.”
Cincinnati store closures do not have a set date yet, but shoppers can take advantage of closures from now until then.
All items have been put up for sale, which means there will be furniture at huge discounts.
Shoppers at other locations that close Tuesday morning have reported offers of up to 10 percent off store-wide, 20 percent off all rugs and 75 percent off holiday and seasonal items.
Tuesday Morning is already selling products for 20 to 60 percent less than competing retailers, so you’re likely to save even more by shopping at the discount store now.
By scanning the tags for each product, you can see what savings are available.
A black price tag usually means the product is available at full price, pink means a 20 percent discount, orange means a 40 percent discount, and yellow means a 60 percent discount.
Other top traders are struggling with their own closing tracks.
Businesses are experiencing what some financial experts are calling the “retail apocalypse” as consumer demand slacks amid record-high inflation.
At the same time, shoppers are turning to the convenience of online shopping over traditional stores that can’t get rid of all their inventory fast enough.
Gap, which also owns Old Navy, Banana Republic and Athleta, said it would close about 50 stores in the coming months.
The company has experienced low sales for several months and reported a net loss of $273 million for the most recent quarter ended Jan. 28.
Similarly, since declaring bankruptcy in January, Party City has said it will close over 20 stores.
The party supplies retailer will close 10 branches in the coming weeks and auction 12 branches.
And Bed Bath & Beyond announced on Jan. 30 that it will close an additional 87 stores through April this year.
It was also announced Tuesday morning that three San Diego stores will be closing in the coming weeks.
The US Sun has compiled a full list of store closures scheduled for April.
https://www.the-sun.com/money/7674167/tuesday-morning-ohio-closures/ Final sale now underway as discount retailer and HomeGoods rival closes four stores in one city – full list of closures