Tuesday Morning Files Chapter 11, Closing 230 Stores
Another retail giant is sadly being forced to close some of their brick and mortar locations, partially due to the coronavirus pandemic. Discount retailer Tuesday Morning, which has 15 locations in Louisiana, filed for Chapter 11 bankruptcy protection today, Wednesday, May 27. The Louisiana stores include Lafayette, Lake Charles, Baton Rouge, Alexandria, Mandeville, Metairie, Gretna, Slidell, Shreveport, Monroe, Hammond and Bossier. The company bills themselves as 'Top notch home decor, rock bottom prices', and was like a lot of other retailers, forced to temporarily shut their doors when COVID-19 hit. They are known for selling home decor, seasonal items, crafts, and even food.
According to a story in USA TODAY, the company was already struggling before the pandemic due to 'excessive debt and declining foot traffic'. They currently have 687 stores nationwide, and will permanently close 230 of those. Business Insider says in phase one of the closings 132 will be shut down by this summer, beginning on June 1. They also say court filings indicate that the stores that will close were under performing, or located too close to other stores in the company. Of course, they still need approval from the court to begin closing sales, and that means that stores could be removed, or added to the list.
A full list of the stores that are closing in the first wave doesn't appear to have any of the Louisiana locations are on it. The company says they will close more locations as they get further into the reorganization process. They also say they are hoping to stay in business during the restructuring process. We really hate to hear about anyone losing their jobs, but it seems to be a reoccurring theme this year, for sure. Wishing the folks at Tuesday Morning well, as they figure out what their next step is.