By Tilly Armstrong for Dailymail.Com
22:58 May 02, 2023 updated 00:16 May 3, 2023
- The 50-year-old discount home goods chain filed for bankruptcy in February
- Bed Bath & Beyond also began closing its remaining 360 stores last week
- Items have been reduced by 30 percent as shoppers rush to get a bargain in the sales
Closing sales have begun at Tuesday Morning stores, as they become the latest victim of the “retail apocalypse” sweeping the country.
The discount home goods chain, which has been in business for nearly 50 years, filed for bankruptcy in February.
The retailer is following in the footsteps of Bed Bath & Beyond, which began closing its stores last week — just days after declaring bankruptcy after a last-ditch effort to stay afloat failed.
Customers lined up around the block to try to get a bargain as the chain began the process of closing all 360 of its stores before the end of June.
Tuesday Morning, founded in 1974, announced on Facebook that it has begun liquidation sales across its remaining 464 stores.
“Starting today, we have begun the process of closing all of our stores,” the post said. Our get-out-of-work sale in stores now, with savings of up to 30 percent.
Thank you for your 49 years of loyalty and support.
A later post urged shoppers not to miss out, urging them to get in quickly because “the savings won’t last.”
It also warned customers that it will only accept gift cards until May 13.
According to court records seen by WFOX, the company has 464 outlets in 39 states and employs more than 4,000 people.
The closing comes after the company filed for Chapter 11 bankruptcy on February 14 in Fort Worth, Texas.
As part of the reorganization effort, the company planned to close stores in low-traffic areas in an effort to tackle “extremely onerous debts”.
The presidents closed hundreds of stores, bringing the portfolio to about 480, from 700 just three years ago.
Tuesday Morning also filed for bankruptcy in 2020 as it struggled to shore up its finances during the pandemic.
It comes just one week after rival Bed Bath & Beyond chain began closing similar sales nationwide.
Sales have begun closing for both Bed Bath & Beyond stores and sister store buybuy BABY, which has 120 locations nationwide.
The retailer also announced that shoppers can no longer redeem the store’s popular 20 percent off coupons, but gift cards will still be accepted in stores through May 8.
Its demise is among the most poignant in recent memory—the company was founded in 1971 and has become ubiquitous in the American home goods market.
Bed Bath & Beyond warned of possible bankruptcy in early January when it issued a “continuing” notice that it might not be able to make ends meet after a difficult holiday season.
The retailer had to contend with low inventory levels, delayed sales and dwindling cash reserves.
She filed for bankruptcy in New Jersey District Court on April 23.
The closures come as other major retailers, including JCPenney, Walmart, Best Buy, Macy’s, Party City and more, have announced they will close their stores this year.