By Nathaniel Meyersohn | CNN
Tuesday Morning, the discount home goods retailer, filed for Chapter 11 bankruptcy protection Tuesday, its second bankruptcy in three years.
It’s the latest example of the retail apocalypse, which is starting to creep back.
Tuesday Morning’s previous bankruptcy came during the initial months of the Covid-19 pandemic. The chain said Tuesday it must restructure its “exceedingly burdensome debt.” It has secured $51 million in financing to keep operations running.
The company, based in Dallas, Texas, has about 480 stores, down from around 700 three years ago. It plans to close unprofitable stores and cut costs.
Tuesday Morning joins a growing number of financially distressed retailers