Tuesday Morning Closing 230 Stores

Tuesday Morning is one of my favorite stores.  And this week they announced that they will be filing chapter 11 bankruptcy and closing 230 of their 700 stores.

Tuesday Morning is one of the more eclectic stores in St. Cloud.  They have those things that you can't find anywhere else... you can usually find it at Tuesday Morning.  They have furniture, home decor, food and snack options, pet supplies, containers, just about anything you can think of... much like a Home Goods, only I find it to be less expensive on many items.

What is the reason for the closings and the bankruptcy?  Well, it's as you would expect.. COVID-19 pandemic.

“The prolonged and unexpected closures of our stores in response to COVID-19 has had severe consequences on our business,” CEO Steve Becker said in a statement. 

They are doing a restructuring...and renegotiation a significant number of their existing leases so that they can keep over 400 of their stores open.  Right now it isn't clear which locations will be closing, or if it includes the St. Cloud location.  Since the beginning of the pandemic, they have been able to reopen about 80% of their stores with limited capacity, but it's not enough to keep all locations open.

Chances are, we are going to see a lot more of these bankruptcy situations to some of our favorite businesses.