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By Jordan Valinsky, CNN Business
1 minute read
Published 10:37 AM EDT, Tue May 2, 2023
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New York CNN —
Tuesday Morning is going out of business and closing all of its stores. It is the second major US home goods retailer to go bust in recent days.
The retailer announced on Facebook and its website that it has started a going-out-of-business sale with 30% off discounts on its products sold at its roughly 200 remaining stores. Customers have until May 13 to use their gift cards, and locations will start closing in the coming weeks.
It’s a somber ending for the 49-year-old retailer after it filed for its second bankruptcy in three years. Tuesday Morning said in February 2023 that it was restructuring because of its “exceedingly burdensome debt.” Its first bankruptcy happened in May 2020, during the peak of the pandemic because of prolonged store closures that caused an “insurmountable financial hurdle.”
Tuesday Morning currently has 200 locations in 25 states — a sharp decline from the 700 it had around three years ago. Notably, it doesn’t sell products online.
Consumer spending has slowed down in the face of inflation, and interest rates have increased, making it costlier for companies to borrow. It joins a growing number of financially distressed retailers that have filed for bankruptcy this year.
Last week, and announced the closure of all its stores too.
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