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Tuesday Morning

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This article is about the store chain. For other uses, see Tuesday Morning (disambiguation).
Tuesday Morning Corporation
Company typePublic
Nasdaq: TUES (until 2020)
Nasdaq: TUEM (2021-2023)
Expert Market: TUEMQ (2023-present)
IndustryDiscount retail
Founded1974; 50 years ago (1974)
FounderLloyd Ross
DefunctJuly 2023 (retail stores)
FateChapter 11 bankruptcy, citing COVID-19 and the 2022 inflation as contributing factors
Headquarters
Dallas, Texas
,
United States
Number of locations
0 stores (2023), E-commerce only
Area served
United States
Key people
ProductsGifts, housewares, food, flooring, books, toys, hardware, electronics, clothing, lawn and garden supplies, health and beauty products, sporting goods, pet supplies
BrandsVarious
RevenueIncrease US$874.89 million (FY 2015)[1]
Number of employees
7,500 (2020)[1]
Websitewww.tuesdaymorning.com

Tuesday Morning Corporation was an American household merchandise discount home goods store headquartered in Dallas, Texas. Founded in 1974, Tuesday Morning once had over 700 locations across the country and advertised itself as having high quality products at low prices.[2][3]

History

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Tuesday Morning was established in 1974 by Lloyd Ross. Ross worked with manufacturers to buy their excess merchandise and host limited-time warehouse sales to offer these goods at a discount to the public. Tuesday Morning moved to a pop-up retail location in 1979 with seasonal events.

Tuesday Morning went to full-time retail operations in 1979 and went public in 1984 with 57 stores. At its peak in 2018, Tuesday Morning operated over 700 locations and had sales of over $1 billion. Tuesday Morning focused on discount home goods.[3]

In May 2020, following extended store closures due to the COVID-19 pandemic,[4] Tuesday Morning filed for Chapter 11 bankruptcy[5] reorganization and was delisted from the NASDAQ. During the reorganization process Tuesday Morning closed close to 200 unprofitable store locations and a distribution center. In December 2020, Tuesday Morning emerged from bankruptcy with a rights offering, enabling the ability to pay all vendor claims in full and protect shareholder value.[6] Upon emerging, Tuesday Morning established a new executive leadership team who failed to live up to expectations and tanked the company’s stock from $4+ per share down to 30¢ per share in just over one year.[7][8][9][10]

On May 25, 2021, Tuesday Morning was re-listed on the Nasdaq stock exchange under TUEM.[11] In 2022, Tuesday Morning was acquired by Retail ECommerce Ventures for $35 million.[12]

On February 14, 2023, Tuesday Morning once again filed for Chapter 11 bankruptcy; Tuesday Morning then proceeded to close roughly half of all stores nationwide, including nearly all of its stores in California.[13][14] On April 28, 2023, just days after the collapse of Bed Bath & Beyond, Tuesday Morning announced that it would be going out of business and close all 200 remaining locations by July 2023.[15] All Tuesday Morning store locations officially closed and Tuesday Morning began an ecommerce presence in July 2023. However, on July 10, 2023, Tuesday Morning announced that the Chapter 11 case would be converted to a Chapter 7 liquidation effective July 27, 2023, and liquidate all remaining assets of Tuesday Morning. The e-commerce presence is expected to remain intact and continue operating during the process.[16]

References

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  1. ^ a b "Tuesday Morning Corporation Company Profile". www.dnb.com. Retrieved August 20, 2021.
  2. ^ "Contact Us". Tuesday Morning. Retrieved 2022-02-01. Our corporate office is located at 6250 LBJ Freeway, Dallas, Texas 75240-6321
  3. ^ a b Tuesday Morning Corporation. "Tuesday Morning | Our Story". www.tuesdaymorning.com. Retrieved 2023-02-22.
  4. ^ "TUESDAY MORNING CORPORATION PROVIDES COVID-19 RELATED BUSINESS UPDATE | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  5. ^ "Tuesday Morning Corporation Files Chapter 11 to Pursue Financial and Operational Reorganization | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  6. ^ "Tuesday Morning Announces Confirmation of Plan of Reorganization | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  7. ^ "Tuesday Morning Appoints Experienced Off-Price Retailer, Fred Hand, as Chief Executive Officer | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  8. ^ "Tuesday Morning Appoints Experienced Off-Price Retailer, Marc Katz, as Interim Chief Financial Officer | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  9. ^ "Tuesday Morning fills out its C-suite". Retail Dive. Retrieved 2021-10-25.
  10. ^ "Tuesday Morning Corporation Appoints Paul Metcalf as Acting Chief Merchant | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  11. ^ "Tuesday Morning Announces Approval to Relist on Nasdaq | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  12. ^ "Tuesday Morning gets a lifeline from Pier 1 owners". Retail Dive. September 12, 2022. Retrieved September 29, 2023.
  13. ^ "Discount retailer Tuesday Morning files for bankruptcy again". Bloomberg. February 14, 2023. Retrieved February 14, 2023.
  14. ^ SFGATE, Amanda Bartlett (2023-02-19). "Discount home goods retailer to close most of its Calif. stores". SFGATE. Retrieved 2023-02-22.
  15. ^ "More SC retail store closings as Tuesday Morning prepares to shut down". The Post and Courier. April 28, 2023. Retrieved April 28, 2023.
  16. ^ "Tuesday Morning moves to convert its bankruptcy to Chapter 7". Retail Dive. July 10, 2023. Retrieved July 24, 2023.
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Wikimedia Commons has media related to Tuesday Morning.
  • Official website
  • Business data for Tuesday Morning:
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