While the retailer successfully reorganized in 2020, it has since struggled with declining sales. It plans to close some stores in “low-traffic regions.”
has filed for bankruptcy for a second time in three years.
The operator of 487 stores in 40 states sought bankruptcy protection Tuesday in the Fort Worth division of the U.S. Bankruptcy Court for the Northern District of Texas. The company said it plans to close some stores and has received financing of $51.5 million to operate during the bankruptcy from Austin-based Invictus Global Management.
The company didn’t say how many stores it would close, but said it will “focus on optimizing its store footprint and focusing on core heritage markets.” The plan is to close stores in “low-traffic regions” and reallocate resources to stores in “high-traffic regions.” Andrew Berger, CEO of Tuesday Morning since November, blamed “exceedingly burdensome debt” for the decision and said the company can “emerge as a stronger retailer that draws on a legacy of offering unique off-price value proposition to our loyal customer base.” The last time the company reported quarterly results it had cash of $6.9 million and long term debt of $37.4 million as of Oct. 1.
The retailer has struggled since it reorganized when it filed for bankruptcy in May 2020 during the pandemic.
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