Why Did Tuesday Morning Go Out Of Business 2024?

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 2024? Why a 49-year-old business with a loyal customer base was forced to shut down its operations?

Why Did Tuesday Morning Go Out Of Business

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

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

AddressCityState
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

AddressCityState
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

AddressCityState
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

AddressCity State
 301 N Milwaukee St Boise ID
 656 E Boise Ave Boise ID

Store Closures In Illinois

AddressCityState
900 Route 22 Fox River Grove IL
 15846 S LaGrange Rd Orland Park IL

Store Closures In Virginia

AddressCityState
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

AddressCityState
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

AddressCityState
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

AddressCityState
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

AddressCityState
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

AddressCityState
8178 Montgomery Rd Cincinnati OH
 773 Alpha Dr Highland Heights OH
 4116 W Town and Country Rd Kettering OH

Store Closures In North Carlina

AddressCityState
 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

AddressCityState
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

AddressCityState
 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

AddressCityState
210 Marlboro Ave Ste 47 Easton MD
 380 Thompson Creek Rd Stevensville MD

Store Closures In Louisiana

AddressCityState
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

AddressCityState
 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

AddressCityState
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

AddressCityState
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 2024?

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 2024.

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.

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