Company type | Public |
---|---|
Nasdaq: TUES (until 2020) Nasdaq: TUEM (2021-2023) Expert Market : TUEMQ (2023-present) | |
Industry | Discount retail |
Founded | 1974 |
Founder | Lloyd Ross |
Defunct | July 2023 (retail stores) |
Fate | Chapter 11 bankruptcy, citing COVID-19 and the 2022 inflation as contributing factors |
Headquarters | , |
Number of locations | 0 stores (2023), E-commerce only |
Area served | United States |
Key people | |
Products | Gifts, housewares, food, flooring, books, toys, hardware, electronics, clothing, lawn and garden supplies, health and beauty products, sporting goods, pet supplies |
Brands | Various |
Revenue | US$874.89 million (FY 2015) [1] |
Number of employees | 7,500 (2020) [1] |
Website | www |
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]
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]
Pier 1 Imports, Inc., is an online retailer and former Fort Worth, Texas-based retail chain specializing in imported home furnishings and decor, particularly furniture, table-top items, decorative accessories, and seasonal decor. It was publicly traded on the New York Stock Exchange under ticker PIR. In January 2020, Pier 1 had over 1,000 physical stores throughout the United States and Canada. Pier 1 filed for Chapter 11 bankruptcy protection on February 17, 2020, and on May 19, 2020, announced it was asking the bankruptcy court to close all stores, due in large part to the COVID-19 pandemic.
Big Lots Stores, Inc. is a soon to be defunct American discount retail chain headquartered in Columbus, Ohio. Founded in 1967 as Consolidated Stores, it has over 900 locations across the United States. Big Lots stores typically sell closeout and overstock merchandise from other stores, although some stores also sell furniture. In late 2024, Big Lots announced they would be closing down operations after filing for bankruptcy.
Eastern Mountain Sports is an outdoor clothing and equipment retailer in the Northeastern United States headquartered in Meriden, Connecticut.
Party City Holdco Inc, commonly referred to as Party City is a soon to be defunct American chain of party stores founded in 1986 by Steve Mandell in East Hanover, New Jersey. The company's headquarters were in Woodcliff Lake, New Jersey. The company is the largest retailer of party goods in the United States, Canada, and Mexico. The company operates over 850 company-owned and franchise outlets in over 70 countries around the world under the Party City, Halloween City, Toy City, Factory Card and Party Outlet brands.In December 2024, Party City announced they would be closing down operations in the United States. Canadian stores remain unaffected.
Caldor, Inc. was a discount department store chain founded in 1951 by husband and wife Carl and Dorothy Bennett. Referred to by many as "the Bloomingdale's of discounting," Caldor grew from a second story "Walk-Up-&-Save" operation in Port Chester, New York, into a regional retailing giant. Its stores were earning over $1 billion in sales by the time Carl Bennett retired in 1985, by which time Caldor was a subsidiary of Associated Dry Goods.
Syms Corp was an off-price retail clothing store chain, founded by Sy Syms in 1958. Its headquarters was in Secaucus, New Jersey, where it became a public company, traded on the New York Stock Exchange (SYM) in 1983. The company also owned Filene's Basement, which it acquired in June 2009.
Modell's Sporting Goods Online, Inc. is an online sporting goods and related apparel retailer. Modell's began with operating retail stores between the late 1980s and the late 2010s. In 2020, Modell’s became a brand owned by the private equity firm Retail Ecommerce Ventures.
Jo-Ann Stores, LLC, more commonly known as Jo-Ann, is an American fabric and crafts retail company based in Hudson, Ohio. It operates the retail chains JOANN Fabrics and Crafts and Jo-Ann Etc.
The Elder-Beerman Stores Corp., commonly known as Elder-Beerman, was an American chain of department stores founded in 1883 and whose last stores closed in 2018. The chain, based primarily in the Midwestern United States, was composed of 31 stores in eight states at the time of its liquidation in 2018, and peaked around 2003 with 68 stores and $670 million in annual sales.
Stein Mart is an American discount men's and women's online retailer & former department store chain based in Jacksonville, Florida. Stein Mart had locations primarily in the Southeast, Texas, and California. Stein Mart stores sold recent trends in clothing for both men and women. Additionally, home decor, accessories, and shoes were all available at discounted prices.
Ascena Retail Group, Inc., is an American retailer of women's clothing. Ascena also owns Lane Bryant clothing store brand, and is the parent company of Ann Inc., operator of Ann Taylor and Loft stores.
Bob's Stores was a chain of retail stores in the northeastern United States owned by GoDigital Media Group. Founded as Bob's Surplus in Middletown, Connecticut, by Robert "Bob" Lapidus in 1954, the chain expanded gradually until it was acquired by Melville Corporation and has been reacquired five more times since then. The chain targets moderate-income customers with a selection of footwear, workwear, teamwear, and activewear.
Sport Chalet was a sporting goods chain with 47 stores in Southern & Northern California, Arizona, Nevada, and Utah. Most stores were over 35,000 square feet in size, with many including dive pools and offering SCUBA classes. Sport Chalet stores usually featured large apparel and footwear departments complemented by an array of specialized departments and sections. On April 16, 2016, the company announced that it would close all stores in the coming months and that all online sales had already stopped. The last stores closed in June 2016.
Linens 'n Things was a big-box retailer specializing in home textiles, housewares, and decorative home accessories. Based in Clifton, New Jersey, the chain operated 571 stores in 47 U.S. states and six Canadian provinces, and had 7,300 employees as of December 2006. The company's business strategy was "to offer a broad selection of high quality, brand name home furnishings merchandise at exceptional everyday values, provide superior guest service, and maintain low operating costs."
Conn's, Inc. was an American furniture, mattress, electronics and appliance store chain headquartered in The Woodlands, Texas, United States. The chain had stores in Alabama, Arizona, Colorado, Georgia, Louisiana, Mississippi, Nevada, Florida, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, and Virginia. Within Texas, Conn's has stores in Greater Houston, the Dallas/Fort Worth Metroplex, Greater San Antonio, Greater El Paso, Greater Corpus Christi, Southeast Texas, and South Texas.
Sears Holdings Corporation was an American holding company headquartered in Hoffman Estates, Illinois. It was the parent company of the chain stores Kmart and Sears and was founded after the former purchased the latter in 2005. It was the 20th-largest retailing company in the United States in 2015. It filed for Chapter 11 bankruptcy on October 15, 2018, and sold its assets to ESL Investments in 2019. The new owner moved Sears assets to its newly formed subsidiary Transformco.
Dressbarn is an online retailer that specializes in women's casual dresses, leisure wear, accessories, and workwear. The company was founded as Dress Barn and operated retail stores between the early 1960s and late 2010s. In 2020, it became a brand owned by the private equity firm Retail Ecommerce Ventures (REV) and branded as dressbarn.
Retail apocalypse refers to the closing of numerous brick-and-mortar retail stores, especially those of large chains, beginning around 2010 and accelerating due to the mandatory closures during the COVID-19 pandemic.
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