Liquidation sales begin as Bed Bath & Beyond rival Tuesday Morning begins closing its remaining 464 stores
- The 50-year-old chain of cheap home goods filed for bankruptcy in February
- Bed Bath & Beyond also began closing its 360 remaining stores last week
- Items have been reduced by 30 percent as shoppers rush to grab a bargain on sale
Tuesday Morning stores have begun closing sales as it becomes the latest casualty of the “retail apocalypse” gripping the country.
The discount house chain, which has been active for almost 50 years, filed for bankruptcy in February.
The retailer follows in the footsteps of Bed Bath & Beyond, which began closing its stores last week — just days after it filed for bankruptcy after a last-ditch effort to stay afloat failed.
Customers lined up to try and snag a bargain as the chain began closing all 360 stores by the end of June.
Founded in 1974, Tuesday Morning announced on Facebook that it was beginning liquidation sales of the remaining 464 stores.
Discount chain Tuesday Morning, founded in 1974, filed for bankruptcy in February
The household goods retailer is beginning to liquidate sales in the remaining 464 stores
Tuesday Morning has become the latest victim of the ‘retail apocalypse’ gripping the US
“As of today, we have begun closing all of our stores,” the post said. ‘Our Going Out of Business Sale is now in stores, with discounts of up to 30 percent.
“Thank you for 49 years of loyalty and support.”
A later post urged shoppers not to miss out, urging them to get in quick as ‘the savings won’t last’.
It also warned customers that it would only accept gift cards through May 13.
According to court records seen by WFOXthe company has 464 locations in 39 states and employs more than 4,000 people.
The closures come after the company filed for Chapter 11 bankruptcy on Feb. 14 in Fort Worth, Texas.
As part of a reorganization, the company planned to close stores in low-traffic areas to deal with “extremely heavy debt.”
Bosses closed hundreds of stores, bringing the portfolio to about 480 three years ago, from 700.
Tuesday Morning had also filed for bankruptcy in 2020 as it struggled to get its finances in order during the pandemic.
The retailer announced on Facebook that sales had begun in its remaining stores
The beleaguered company expects to close all of its 360 stores by June 30
Since 2004, Bed and Bath has spent $11.73 billion on share repurchases at an average cost of more than $44 per share, according to its financials
Bed Bath & Beyond filed for bankruptcy in a New Jersey district court on April 23
It comes just a week after rival chain Bed Bath & Beyond began similar nationwide sales freezes.
The closing of the sale began for both Bed Bath & Beyond stores and baby gear sister store buybuy BABY, which has 120 stores across the country.
The retailer also announced that customers will no longer be able to redeem the store’s famous 20 percent off coupons, but that gift cards will still be accepted in stores until May 8.
Its demise is one of the most pervasive in recent memory – the company was founded in 1971 and became ubiquitous in the American home goods market.
Bed Bath & Beyond warned of possible bankruptcy in early January when it issued a going concern report that it may not be able to cover its costs after a difficult holiday season.
The retailer had to contend with low inventory levels, lagging sales and dwindling cash reserves.
The bankruptcy was filed in a 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 stores this year.