Tuesday Morning, the discount home goods retailer, has filed for Chapter 11 bankruptcy protection, its second bankruptcy in three years.
It’s the latest example of the retail apocalypse, which is starting to creep back. Tuesday Morning’s previous bankruptcy came during the initial months of the Covid-19 pandemic. The chain said Tuesday it must restructure its “exceedingly burdensome debt.” It has secured $51 million in financing to keep operations running. The company, based in Dallas, Texas, has about 480 stores, down from around 700 three years ago. It plans to close unprofitable stores and cut costs.
Party City’ Serta Simmons, the mattress manufacturer; and Independent Pet Partners, a pet store retailer, have declared bankruptcy in recent weeks. Bed Bath & Beyond narrowly avoided a bankruptcy filing by raising stock and announcing plans to close 400 stores. But its future is uncertain. The retail sector’s struggles are a reversal of industry trends for much of the pandemic. After an initial burst of bankruptcies, consumers dished out on clothing, furniture, electronics and other goods.
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