Tuesday Morning is the second major US home goods retailer to go out of business in recent years. But why did Tuesday Morning go out of business? Why a 49-year-old business with a loyal customer base was forced to shut down its operations?
In this guide, we’ve compiled all the information regarding Tuesday Morning and the reasons for its downfall. So, keep on reading to find out.
About Tuesday Morning And How It Started
Tuesday Morning is a native retailer specializing in discounted household merchandise. It describes itself as one of the original off-price retailers.
The company’s main merchandise categories included upscale home furnishings, housewares, pet supplies, bath and body products, and toys.
It was established in 1974 by Lloyd Ross. Ross worked with manufacturers to buy their excess merchandise and hosted limited-time warehouse sales to offer the goods at discounted prices to the public.
Tuesday Morning moved to a pop-up retail location in 1979 and finally went public with 57 stores in 1984. But like all the giants in the corporate world were struggling to survive in the pandemic, Tuesday Morning got hit severely to the point of closing its 49-year-old business.
Why Did Tuesday Morning Go Out Of Business?
The collapse of Tuesday Morning started in May 2020, after store closures due to the COVID-19 pandemic. Before going into bankruptcy, Tuesday Morning was operating nearly 700 stores.
This huge number was reduced to only 487 stores operating in 40 states after it filed for Chapter 11 bankruptcy reorganization. However, the company emerged in December 2020, establishing a new executive leadership team that plummeted the company’s stock to $4+ per share, down to .30 cents per share in just over one year’s time.
The company reported net sales of $749.8 million for the 2022 fiscal year, which was up from $690.8 million the previous year. Tuesday Morning then reported a net loss of $28.2 million, an operating loss of $26 million, and a negative EBITDA of $22.7 million in the first quarter of fiscal 2023.
Invictus also made the deal to buy the company out of bankruptcy, but that deal was called off in March. Instead, both companies signed a contract under an existing credit agreement to seek about $10 million from Invictus.
In the forth coming weeks of its bankruptcy filing, Tuesday Morning stated that its creditors, which were led by Wells Fargo, increased the company’s reserve requirements from $10 million to $30 million. This action eliminated the operating liquidity of the company and contributed to the company’s unjustified financial position.
Who Owns Tuesday Morning?
Tuesday Morning was sold out of bankruptcy to a liquidation company named Hilco Merchant Resources. Hilco, which is affiliated with Hilco Streambank through its parent company Hilco Global, purchased the company for more than $32 million.
During its store closures, the company put everything on sale, and customers experienced huge discounted prices from 20%-60%.
Hilco Streambank reported in the presentation. that this translates to a “significant opportunity for a buyer of the brand to maintain engagement with a large customer base with whom the Tuesday Morning brand continues to resonate,” Hilco Streambank said.
Hilco Streambank Executive Vice President David Peress further added, “Tuesday Morning is a beloved retail banner that continues to reach millions of customers through its nearly 200 retail stores,”
The Closing Stores Of Tuesday Morning
Below is the list of Tuesday Morning store locations which set to close:
Store Closures In Alabama
| Address | City | State |
|---|---|---|
| 90 Plantation Pointe | Fairhope | AL |
| 179 Cox Creek Pkwy S | Florence | AL |
| 2524 S McKenzie St | Foley | AL |
| 12090 County Line Rd Ste I | Madison | AL |
| 6366 Cottage Hill Rd | Mobile | AL |
| 10200 Eastern Shore Blvd | Spanish Fort | AL |
Store Closures In Arksana
| Address | City | State |
|---|---|---|
| 20496 Interstate 30 N | Benton | AR |
| 3180 N College Ave | Fayetteville | AR |
| 7810 Rogers Ave | Fort Smith | AR |
| 4332 Central Ave | Hot Springs | AR |
| 2516 Cantrell Rd Ste I | Little Rock | AR |
| 2747 Lakewood Village Dr | North Little Rock | AR |
| 208 S Promenade Blvd | Rogers | AR |
| 2701 E Race Ave Ste 6 | Searcy | AR |
Store Closures In Arizona
| Address | City | State |
|---|---|---|
| 5005 E Marketplace Dr Ste170 | Flagstaff | AZ |
| 1795 Kiowa Ave Ste103 | Lake Havasu City | AZ |
| 11835 N Oracle Rd Ste 133 | Oro Valley | AZ |
| 3055 E Indian School Rd | Phoenix | AZ |
| 1260 Gail Gardner Way | Prescott | AZ |
| 6657 State Rte 179 Ste 2 | Sedona | AZ |
| 10050 W Bell Rd | Sun City | AZ |
Store Closures In Florida
| Address | City | State |
|---|---|---|
| 911 Lithia Pinecrest Rd | Brandon | FL |
| 2671 N Hiatus Rd | Cooper City | FL |
| 2146 Sadler Sq | Fernandina Beach | FL |
| 99 Eglin Pkwy NE | Fort Walton Beach | FL |
| 330 Gulf Breeze Pkwy | Gulf Breeze | FL |
| 12200 San Jose Blvd Ste 6 | Jacksonville | FL |
| 4524 9 St Johns Ave | Jacksonville | FL |
| 2625 S Florida Ave | Lakeland | FL |
| 130 S Nova Rd | Ormond Beach | FL |
| 250 Palm Coast Pkwy NE Unit 603 | Palm Coast | FL |
| 7928 Front Beach Rd | Panama City Beach | FL |
| 6601 N Davis Hwy Ste 220 | Pensacola | FL |
| 6050 N Lockwood Ridge Rd | Sarasota | FL |
| 1799 US Highway 1 S | St Augustine | FL |
| 1806 Thomasville Rd | Tallahassee | FL |
| 1295 US Highway 1 | Vero Beach | FL |
Store Closures In Georgia
| 10945 State Bridge Rd | Alpharetta | GA |
| 3241 Washington Rd | Augusta | GA |
| 1919 Glynn Ave | Brunswick | GA |
| 265 Tom Hill Sr Blvd Unit 301 | Macon | GA |
| 233 Commerce Dr | Peachtree City | GA |
| 1432 Towne Lake Pkwy | Woodstock | GA |
Store Closures In Idaho
| Address | City | State |
|---|---|---|
| 301 N Milwaukee St | Boise | ID |
| 656 E Boise Ave | Boise | ID |
Store Closures In Illinois
| Address | City | State |
|---|---|---|
| 900 Route 22 | Fox River Grove | IL |
| 15846 S LaGrange Rd | Orland Park | IL |
Store Closures In Virginia
| Address | City | State |
|---|---|---|
| 540 Pantops Center | Charlottesville | VA |
| 237 Battlefield Blvd S Ste 10 | Chesapeake | VA |
| 2138 Wards Rd | Lynchburg | VA |
| 660 Brandon Ave SW | Roanoke | VA |
| 1923 Electric Rd | Salem | VA |
Store Closures In Tennessee
| Address | City | State |
|---|---|---|
| 3901 Hixson Pike Ste 133 | Chattanooga | TN |
| 1951 Madison St | Clarksville | TN |
| 820 25th St NW | Cleveland | TN |
| 632 W Poplar Ave | Collierville | TN |
| 621 Old Hickory Blvd | Jackson | TN |
| 148 N Peters Rd | Knoxville | TN |
| 1250 NW Broad St | Murfreesboro | TN |
Store Closures In South Carlina
| Address | City | State |
|---|---|---|
| 1 Sherington Dr | Bluffton | SC |
| 4905 Forest Dr | Columbia | SC |
| 3715 E North St | Greenville | SC |
| 1291 Folly Rd Ste 104 | James Island | SC |
| 932 N Lake Dr | Lexington | SC |
| 736 & 740 Mink Ave | Murrells Inlet | SC |
| 6908 N Kings Hwy | Myrtle Beach | SC |
| 240 Hwy 17 N | North Myrtle Beach | SC |
| 10225 Ocean Hwy Unit 400 | Pawleys Island | SC |
| 725 Cherry Rd Ste 190 | Rock Hill | SC |
| 113 Bilo Pl | Seneca | SC |
| 1200 E Main St Ste 11 | Spartanburg | SC |
| 622 Bacons Bridge Rd | Summerville | SC |
Store Closures In Pennsylvania
| Address | City | State |
|---|---|---|
| 1825 Columbia Ave | Lancaster | PA |
| 12 Ohio River Blvd | Leetsdale | PA |
| 3332 Wilmington Rd | New Castle | PA |
| 2142 S Queen St | York | PA |
Store Closures In Oklahoma
| Address | City | State |
|---|---|---|
| 28 E 33rd St | Edmond | OK |
| 3801 NW Cache Rd Ste 36 | Lawton | OK |
| 7517 SE 15th | Midwest City | OK |
| 3721 W Main St | Norman | OK |
| 11717 S Western Ave | Oklahoma City | OK |
| 9446 N May Avenue | Oklahoma City | OK |
| 3111 S Harvard Ave | Tulsa | OK |
| 6110 E 71st St | Tulsa | OK |
| 1111 Garth Brooks Blvd | Yukon | OK |
Store Closures In Ohio
| Address | City | State |
|---|---|---|
| 8178 Montgomery Rd | Cincinnati | OH |
| 773 Alpha Dr | Highland Heights | OH |
| 4116 W Town and Country Rd | Kettering | OH |
Store Closures In North Carlina
| Address | City | State |
|---|---|---|
| 1375 N Sandhills Blvd | Aberdeen | NC |
| 44 Westgate Pkwy | Asheville | NC |
| 3394 S Church St | Burlington | NC |
| 10828 Providence Road | Charlotte | NC |
| 1800 Four Seasons Blvd H13 | Hendersonville | NC |
| 102 Statesville Rd Ste E1 | Huntersville | NC |
| 1039 S College Rd | Wilmington | NC |
Store Closures In Mississippi
| Address | City | State |
|---|---|---|
| 2650 Beach Blvd Ste 21 | Biloxi | MS |
| 1578 W Government St | Brandon | MS |
| 630 Grants Ferry Rd | Flowood | MS |
| 6062 Hwy 98 Ste 101 | Hattiesburg | MS |
| 1053 E County Line Rd Ste 1041 | Jackson | MS |
| 934 N 16th Avenue | Laurel | MS |
| 19099 Pineville Rd Ste 102 | Long Beach | MS |
| 2674 Bienville Blvd | Ocean Springs | MS |
| 1913 University Ave | Oxford | MS |
| 402 Hwy 12 W | Starkville | MS |
Store Closures In Missouri
| Address | City | State |
|---|---|---|
| 4310 Gretna Rd | Branson | MO |
| 155 Siemers Dr Ste 1 | Cape Girardeau | MO |
| 1400 Forum Blvd Ste 1C | Columbia | MO |
| 15921 Manchester Rd | Ellisville | MO |
| 2639 E 32nd St | Joplin | MO |
| 901 NW OBrien Rd | Lees Summit | MO |
| 6929 S Lindbergh Blvd | Saint Louis | MO |
| 2916 S Glenstone Ave | Springfield | MO |
Store Closures In Maryland
| Address | City | State |
|---|---|---|
| 210 Marlboro Ave Ste 47 | Easton | MD |
| 380 Thompson Creek Rd | Stevensville | MD |
Store Closures In Louisiana
| Address | City | State |
|---|---|---|
| 1460 MacArthur Blvd | Alexandria | LA |
| 12694 Perkins Rd | Baton Rouge | LA |
| 3735 Perkins Rd | Baton Rouge | LA |
| 6632 Jones Creek Rd | Baton Rouge | LA |
| 3605 Ambassador Caffery Space E | Lafayette | LA |
| 3517 Ryan St | Lake Charles | LA |
| 2985 Hwy 190 | Mandeville | LA |
| 1801 Airline Dr | Metairie | LA |
| 1703 N 18th St | Monroe | LA |
| 4800 Line Ave | Shreveport | LA |
| 176 Gause Blvd W | Slidell | LA |
Store Closures In Kentucky
| Address | City | State |
|---|---|---|
| 1751 Scottsville Rd | Bowling Green | KY |
| 2178 Dixie Hwy | Fort Mitchell | KY |
| 1303 US Hwy 127 S Ste 103 | Frankfort | KY |
| 9240 Westport Rd | Louisville | KY |
Store Closures In Kansas
| Address | City | State |
|---|---|---|
| 14950 W 87th St | Lenexa | KS |
| 5320 Martway St | Mission | KS |
| 9606 Nall Avenue | Overland Park | KS |
| 8038 W 151st St | Stanley | KS |
Store Closures In Texas
| Address | City | State |
|---|---|---|
| 3301 S 14th St | Abilene | TX |
| 190 E Stacy Rd Ste 1530 | Allen | TX |
| 3415 Bell St | Amarillo | TX |
| 2737 W Park Row Rd | Arlington | TX |
| 1104 W Arbrook Blvd | Arlington | TX |
| 10225 Research Blvd Ste 3000B | Austin | TX |
| 1601 Price Rd | Brownsville | TX |
| 5001 183A Toll Rd Ste J100 | Cedar Park | TX |
| 1406 N Loop 336 W | Conroe | TX |
| 4102 S Staples | Corpus Christi | TX |
| 6465 E Mockingbird Ln Ste 354 | Dallas | TX |
| 2608 W University Dr | Denton | TX |
| 2911 Rio Grande Blvd Ste 400 | Euless | TX |
| 14303 Inwood Road | Farmers Branch | TX |
| 172 S Friendswood Dr | Friendswood | TX |
| 4995 Eldorado Pkwy Ste 520 | Frisco | TX |
| 2727 61st St | Galveston | TX |
| 401 W Interstate 30 | Garland | TX |
| 1103 Rivery Blvd Ste #270 | Georgetown | TX |
| 10516 Old Katy Rd | Houston | TX |
| 901A N Shepherd Dr | Houston | TX |
| 5419 FM 1960 W Ste E | Houston | TX |
| 1365 Kingwood Dr | Houston | TX |
| 7787 N MacArthur Blvd | Irving | TX |
| 870 S Mason Rd | Katy | TX |
| 24427 Katy Frwy | Katy | TX |
| 1580 Keller Pkwy FM 1709 | Keller | TX |
| 851 Junction Hwy | Kerrville | TX |
| 2300 Lohmans Spur Ste 145 | Lakeway | TX |
| 2325 S Stemmons Frwy Ste 103 | Lewisville | TX |
| 305 NW Loop 281 | Longview | TX |
| 7020 Quaker Ave | Lubbock | TX |
| 2511 N US Highway 281 | Marble Falls | TX |
| 117 S Central Expwy | Mckinney | TX |
| 4610 N Garfield | Midland | TX |
| 651 N Business Interstate Hwy 35 Stre 1400 | New Braunfels | TX |
| 3552 Lamar Ave | Paris | TX |
| 1601 Preston Rd Ste F | Plano | TX |
| 1117A Ridge Rd | Rockwall | TX |
| 110 N Interstate 35 | Round Rock | TX |
| 3578 Knickerbocker Rd | San Angelo | TX |
| 3910 McCullough Ave | San Antonio | TX |
| 2945 Thousand Oaks Dr | San Antonio | TX |
| 12651 Vance Jackson Rd Ste 128 | San Antonio | TX |
| 18450 Blanco Road | San Antonio | TX |
| 6808 Huebner Road | San Antonio | TX |
| 8421 N US Hwy 281 Ste 105 | San Antonio | TX |
| 17937 I-45 S Ste 125 | Shenandoah | TX |
| 2711 N US Highway 75 | Sherman | TX |
| 410 Padre Blvd | South Padre Island | TX |
| 4690 Louetta Road | Spring | TX |
| 3064 S 31st St | Temple | TX |
| 2315 Richmond Rd Ste 9B | Texarkana | TX |
| 322 East SE Loop 323 | Tyler | TX |
| 3150 Pat Booker Rd Ste 112 | Universal City | TX |
| 5201 Bosque Blvd Ste 380 Bldg 3 | Waco | TX |
| 1700 N Hwy 77 Ste 166 | Waxahachie | TX |
| 735 Adams Dr | Weatherford | TX |
| 20740 Gulf Frwy Ste 140 | Webster | TX |
The Fall Of Tuesday Morning
Conclusion
Tuesday Morning is one of the off-price retailers that offers high-quality products for the home, including home furnishing, home textiles, housewares, gourmet food, and many more products.
Unfortunately, it had to shut down its business due to bankruptcy. But there are many other reasons that also contributed to the downfall of the company.
FAQs
Is Tuesday Morning being sold?
The company has already taken steps towards shutting down all its operations. It is sold to Hilco Merchant Resources.
What companies are going out of business in 2023?
Amazon, Bath & Body Works, Walmart, Foot Locker and more than dozen major retailer said they will shut down their business in the United States by 2023.
How is Tuesday Morning doinf financially?
Tuesday Morning doesn’t have a sound financial position. It reported a net loss of $28.2 million, an operating loss of $26 million, and a negative EBITDA of $22.7 million in the first quarter of fiscal 2023.