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Bloomberg
Tuesday Morning Corp filed for bankruptcy protection for the second time since the onset of the Covid-19 pandemic.
The Dallas-based discount retailer filed in the Northern District of Texas, listing assets and liabilities of $100 million to $500 million, in its bankruptcy petition. It emerged from its last bankruptcy in January 2021 after closing about 200 stores, cutting its employee headcount and slashing debt.
But the company soon found itself in trouble again, battling inflation and supply chain bottlenecks. The company blamed disappointing sales on “macro headwinds†in a May conference call to discuss earnings.
In July, lenders extended the company a $5 million loan. The company originally had to wait until November to request the funds.
Founded in 1974, Tuesday Morning operates 490 stores and specialises in home goods and related products. It had 1,607 full-time employees and 4,692 part-time staffers as of June 2021. Tuesday Morning is a national off-price retailer that specialises in home goods, textiles, furnishings and related products.