Tuesday Morning announces 263 closings. What about Mississippi Coast stores?
Discount retailer Tuesday Morning announced plans this week to close more than half its 487 stores as part of a Chapter 11 bankruptcy protection plan.
The Dallas-based retailer listed the 263 affected stores on its website, starting storewide clearance sales at each location.
Of Mississippi’s 13 locations, two stores — one in Tupelo and one in Southaven — are slated to close. Stores in Biloxi, Long Beach, Ocean Springs and Hattiesburg were not among the closing stores.
Mobile will lose one of two locations. Louisiana will lose two of its 14 locations in Gretna and Baton Rouge.
This will be Tuesday Morning’s second bankruptcy in as many years, according to Sourcing Journal. In May 2020, the company attempted to restructure its growing debt by closing 200 stores and taking a $35 million investment from Retail Ecommerce Ventures, parent company to Pier 1.
The company hinted it was still in financial peril in December when it announced it would de-list shares from the Nasdaq Capital Market, a first step into eventually becoming a private company. In the filing, Tuesday Morning said the move would help raise capital and lower operating costs involved with having to comply with trading regulations and reports.
For the first quarter fiscal 2023, Tuesday Morning reported a net loss of $28.2 million, nearly twice the $14.3 million loss reported in the same period of 2022.
The company started the new fiscal year by assigning the role of chief executive officer to its chief financial officer last November.
Tuesday Morning sells name-brand closeouts, factory overruns and department store cancellations of home furnishings and seasonal decor at prices discounted 20-60%.
South Mississippi stores are located at Edgewater Village, 2650 Beach Blvd. in Biloxi; in Pineville Plaza, 19099 Pineville Road, Long Beach; and at Howard Shopping Center, 2674 Bienville Blvd. in Ocean Springs.
This story was originally published February 17, 2023 at 8:55 AM.
