The liquidation sale is now underway as the big discounter closes more than 200 stores that even sell home furnishings and appliances

SHOPPERS could get massive discounts on furniture and home furnishings as a major retailer closes more than 200 stores nationwide.

After the discount housewares retailer filed for bankruptcy for the second time in three years on Tuesday morning in February, it announced it would close half of its 487 stores.

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The elimination of 263 financially underperforming stores will bring the company’s store count to just 224 in 38 states.

Before filing for bankruptcy, Tuesday Morning operated 687 stores nationwide.

A 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, followed by another $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.

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.

However, executives have warned that more stores can be expected to close their stores “if certain acceptable terms are not reached with landlords”.

SAVE TIME

Luckily, there’s a silver lining for customers as the company rolls out store-wide sales as it nears the end of days.

Shoppers at locations closing 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.

AFFECTED AREAS

The sales include store closures in Alabama, Arkansas, Arizona, California, Colorado, Delaware, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Missouri, Mississippi, North Carolina, Nebraska, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin.

Some regions will experience the closures far more intensely — in Cincinnati, Ohio, for example, shoppers are losing four stores at once.

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.

RETAIL APOCALYPSE

Tuesday morning’s financial struggle reflects a broader trend being experienced by businesses across the country, financial experts say.

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.”

Gap, which also owns Old Navy, Banana Republic and Athleta, also said it would close about 50 stores this year.

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, Party City has been planning to close over 20 stores since declaring bankruptcy in January.

The retailer is closing 10 stores and auctioning off 12 stores in the coming weeks.

And Bed Bath & Beyond announced on Jan. 30 that it will close an additional 87 stores through April this year.

Even CVS and Walgreens have felt the heat, closing multiple locations in March alone.

Plus, see which four stores filed for bankruptcy in 2023 as the retail apocalypse rages on.