National home goods and decor retailer Tuesday Morning is filing for Chapter 11 bankruptcy and closing all three of its Iowa locations, including its store at Coral Ridge Mall. Tuesday Morning said in a press release Feb. 14 it will close stores in “low-traffic regions while allocating the proper resources to remaining stores in high-traffic […]
National home goods and decor retailer Tuesday Morning is filing for Chapter 11 bankruptcy and closing all three of its Iowa locations, including its store at Coral Ridge Mall.
Tuesday Morning said in a press release Feb. 14 it will close stores in "low-traffic regions while allocating the proper resources to remaining stores in high-traffic regions."
In Iowa, the Coralville, West Des Moines and Davenport stores will close, leaving Tuesday Morning without an Iowa presence, according to
bankruptcy filings.
More than half of the discount retailer's stores, across 38 states, will close.
“After considering how best to address Tuesday Morning’s exceedingly burdensome debt, we have determined that the best path to reorganizing and transforming the company begins with a Chapter 11 filing," said Andrew Berger, Tuesday Morning CEO and director, in a statement. "Fortunately, we have the support of a committed capital provider in Invictus and a clear vision for transforming into a focused retailer that serves its core, heritage markets in a profitable manner. We look forward to taking steps that enable us to emerge as a stronger retailer that draws on a legacy of offering a unique off-price value proposition to our loyal customer base.”
It is the second time in recent years Tuesday Morning has filed for bankruptcy, as the company closed
200 stores toward the end of 2020, Bloomberg reported.
Another Tuesday Morning location in the Corridor, in the Collins Road Square at 1370 Twixt Town Road in Marion, closed in 2020, one of 132 stores closed as part of the company's first bankruptcy filing.
The company is being provided $51.5 million from investment firm Invictus Global Management LLC in debtor-in-possession financing to support ongoing operations, according to a press release.
Filings show the company's debt exceeds $10 million.
“We look forward to playing an important role in reorganizing and transforming Tuesday Morning," said Amit Patel, Partner at Invictus, in a statement. "As a Texas-based investment firm with strong roots in the state, we have long admired Tuesday Morning’s strong connection to customers seeking unique home goods at competitive prices. Andrew and his leadership team have our full support.”
The retail chain will hold a
store closing sale for all its axed locations.
