Tuesday Morning files for Chapter 11 bankruptcy reorganization, will close Orange Park store
Posted by Carlos Renteria on
Tuesday Morning Corp. filed for a Chapter 11 bankruptcy reorganization on May 27 with plans to close 230 of its 687 stores, including its Orange Park store.
The off-price home products retailer asked for court approval to close 132 stores this summer in a first phase, including the location at 291 Blanding Blvd. in Orange Park, But it did not say which stores would close later.
Tuesday Morning has two stores in Jacksonville and one each in Ponte Vedra Beach, St. Augustine and Fernandina Beach, according to its website.
Like other retailers, Tuesday Morning said in a news release its filing was “in response to the immense strain the COVID-19 pandemic and related store closures have put on the business.”
The company said it began reopening stores on April 24 and 80% of its locations have opened. Sales at those stores have been about 10% higher than they were in the same period a year ago.
The stores being closed “were identified as underperforming or are situated in areas where too many locations are in close proximity,” it said.
The Dallas-based company filed its Chapter 11 petition in U.S. Bankruptcy Court for the Northern District of Texas – Dallas Division.
“Ultimately, this process will provide Tuesday Morning with an opportunity to continue navigating the COVID-19 pandemic and emerge as a stronger company by early fall 2020,” it said.
By: Mark Basch