Final sales happening now as popular home goods retailer closes majority of stores in one state
A POPULAR discount retailer has announced that it will be closing many of its stores and you can enjoy the sales before they run out of stock.
Retailed Tuesday Morning is closing a majority of its stores in California and more than half of its locations nationwide, the company announced last month.
According to the company’s website, at least 263 of Tuesday Morning’s roughly 490 locations “in low-traffic areas” are to be closed.
This includes 31 out of 37 stores in California.
A full list of closures can be found on the company’s website.
WHY IS IT CLOSING?
In February, the discounter filed for Chapter 11 bankruptcy protection.
This is the second time in three years that the chain has filed for bankruptcy protection.
The sales were “necessary to maximize the value of the assets sold,” Tuesday Morning’s team told the bankruptcy court.
The store’s financial health is being caused by a mix of challenges from the pandemic, including temporary employee closures and furloughs, which forced the company to close 200 of its 700 stores in 2020.
The company still faces “extremely distressing debt” and needs to reduce its store footprint to maintain a viable business, Chief Executive Officer Andrew Berger said in a statement released on Tuesday.
The Dallas-based retailer anticipates that most of its planned store closures and liquidation sales will take two months to complete, court documents in the filing show.
That means you can roughly expect the doors to close by mid-April.
WHAT ARE THE SALES?
Each item is available at the more than 250 Tuesday morning stores across the country that close nationwide.
On February 17, 2023, shoppers at a soon-to-close Virginia store could find store-wide discounts of just 10 percent and 20 percent on all carpet and furniture, according to The Krazy Koupon Lady.
Most liquidation sales start small, but closing discounts grow week by week.
Tuesday morning prices are between 20 and 60 percent cheaper than regular department store prices, so final discounts add to these savings.
Look out for the color-coded price tags:
- Black = the standard price tag
- Pink = 20 percent discount
- Orange = 40 percent discount
- Yellow = 60 percent discount
Tuesday Morning is by no means the only US retailer to close its doors.
The retail industry, battered by supply chain problems, inflation and the emergence of cheaper online alternatives, is in crisis.
Shocking data from Insider shows that 1,400 stores in the US will close their doors this year alone, including Walmart and Amazon.
In addition, a major retailer and rival to Dick’s will close 400 stores as part of a new “lace-up” strategy, The US Sun reported last week.
https://www.the-sun.com/money/7758582/tuesday-morning-bankruptcy-closing-stores-final-sales/ Final sales happening now as popular home goods retailer closes majority of stores in one state