Tuesday Morning has filed for Chapter 11 bankruptcy protection and will close more than half of its stores.
The off-price retailer, which operates 487 stores in 40 states, announced plans to close stores in low-traffic regions around the same time it filed for bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, the Dallas Business Journal reported. Eleven stores in the greater North Texas area will close.
The retailer’s average footprint is 12,400 square feet.
Invictus Global Management will provide $51.5 million of debtor-in-possession financing to help the company continue running its open stores.
“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,” Chief executive Andrew Berger said in a prepared 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.”
Tuesday Morning stores closing in DFW:
- Burleson Shopping Center
- Firewheel Commons in Garland
- Granbury Lakeside Center
- Harwood Village North in Bedford
- Hulen Fashion Center
- Lewisville Towne Crossing
- Parker Central Plaza Shopping Center in Plano
- Pipeline Village in Hurst
- Presidio Towne Crossing
- Shops at Chisholm Trail Ranch
- Village at Camp Bowie
Other stores closing across Texas:
- Atascocita Market Square in Humble
- Brodie Oaks in Austin
- Northcross Shopping Center in Victoria
- Parkdale Place in Beaumont
- Post Oak Square Shopping Center in College Station
- Santa Fe Square in Odessa
- Tanglewood Village Shopping Center in Austin
- The B Spot on Burnet in Austin
- Weslayan Plaza West Shopping Center in Houston
- West Towne Marketplace in El Paso
- Westheimer Commons in Houston
- Westhill Village Shopping Center in Houston
- Wichita Falls Shopping Center
“We appreciate all the support of our employees, customers, creditors and other partners as we seek to sustain commercial operations with minimal disruptions,” Berger also said.
Read more
