Discount retailer Tuesday Morning has recently announced that it will be closing about 200 of its stores across 25 states, impacting numerous customers who may have gift cards or merchandise returns to process. The announcement follows the company’s filing for bankruptcy in February, which marks the second time in less than three years that it has done so.
For decades, Tuesday Morning has been known as a haven for bargain hunters, offering a diverse selection of home decor, furniture, and accessories at discounted prices. However, like many other retailers, the company has struggled with financial difficulties linked to high inflation rates and evolving consumer shopping patterns.
Despite its storied history and once widespread presence with around 700 stores, Tuesday Morning’s latest decision underscores brick-and-mortar retailers’ challenges in recent years. The shift towards online shopping and the pandemic’s impact on in-person retail traffic has left many companies with significant financial losses.
For customers who are affected by the store closures, Tuesday Morning is currently offering discounts on remaining merchandise, including up to 40% off of regular-priced items. However, customers with gift cards or merchandise returns should act quickly, as time is running out to use them. The closure of Tuesday Morning’s stores marks the end of an era for the discount retailer, which has been serving its customers for almost five decades. However, the company’s struggles are a reminder of the ongoing challenges many businesses face, particularly in the retail industry, where adapting to changing consumer preferences is crucial for survival.
Latest Bankruptcy of Tuesday Morning Filing Highlights Ongoing Struggles for Brick-and-Mortar Retailers
Tuesday Morning’s website is currently advertising a blowout going-out-of-business sale with steep discounts on all its product categories, including bed, bath, and kitchenware. Customers can enjoy up to 30% off the lowest marked prices in-store and are encouraged to use any remaining gift cards or merchandise return cards before May 12th. However, it remains to be seen when the stores close their doors for good, as store hours may vary by location. To avoid disappointment, customers should consult the list of full store locations and hours the retailer provides.
Tuesday Morning has experienced financial difficulties before. Earlier this year, the company announced a restructuring and filed for protection under Chapter 11 of the U.S. Bankruptcy Code. In 2020, it filed for bankruptcy for the first time, resulting in permanently closing 230 of its stores.
Tuesday Morning cited the COVID-19 pandemic as the reason for its initial bankruptcy filing last year, stating that the pandemic had created an “insurmountable financial hurdle.” In its latest bankruptcy filing, the company listed liabilities and assets between $100 million and $500 million.
The discount retailer’s recent store closures highlight the ongoing challenges faced by brick-and-mortar retailers, particularly in the wake of the COVID-19 pandemic and the rise of online shopping. Many retailers have struggled to adapt to changing consumer preferences and have been forced to close stores or file for bankruptcy as a result. Despite its financial struggles, Tuesday Morning has remained a popular destination for bargain hunters, offering discounted prices on a wide range of home decor and other household items. With the current blowout sale, customers can take advantage of some truly incredible deals before the stores close their doors for good.
Apocalypse of Discount Retailer: Challenges Facing Brick-and-Mortar Retailers in the Wake of COVID-19 Pandemic and E-commerce
Tuesday Morning is one of many retailers struggling in today’s changing retail landscape. The discount retailer’s recent bankruptcy filing and store closures are just one example of the challenges facing brick-and-mortar retailers, particularly in the wake of the COVID-19 pandemic and the rise of online shopping.
Another home goods retailer, Bed Bath, and Beyond, recently filed for Chapter 11 bankruptcy, with plans to close all 360 remaining locations by the end of June. The current liquidation sales offer discounts of up to 40% on many items, but coupons are no longer valid, and items purchased during the deal are not eligible for return.
Warren Eisenberg, the co-founder of Bed Bath and Beyond, admitted in an interview with The Wall Street Journal earlier this year that the company “missed the boat on the internet.” This is a common refrain among traditional retailers who have struggled to adapt to the shift toward online shopping.
But it’s not just large retailers like Bed Bath and Beyond and Tuesday Morning that are feeling the pinch. Party City, for example, has also been closing stores throughout the country as it struggles with bankruptcy.
The “retail apocalypse” affects stores of all sizes and types, from mom-and-pop shops to major chains. The COVID-19 pandemic has only accelerated the trend toward online shopping, making it more difficult for traditional retailers to compete. As a result, many retailers are forced to restructure, close stores, or file for bankruptcy to survive.
