Tuesday Morning joins a growing number of financially distressed retailers that have filed for bankruptcy this year.
After an initial burst of bankruptcies, consumers dished out on clothing, furniture, electronics and other goods. Retail sales surged and consumers propped up struggling chains.
But holiday sales were sluggish and the industry is expected to have a weaker 2023. Around 2,800 stores will close this year, an 8% increase from last year, according to Coresight Research. Rite Aid, Joann Fabric and other chains are also on bankruptcy watch, according to credit rating agencies. These companies have struggled for years and are most vulnerable to challenging economic conditions.
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