Tuesday Morning files for bankruptcy, closes 7 NJ sites
By: David P. Willis
Asbury Park Press
USA Today Network - New Jersey
..... Home goods retailer Tuesday Morning has field for bankruptcy protection, the latest retailer wounded by the coronavirus pandemic, and will close seven stores in New Jersey.
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A result of the "immense strain of the COVID-19 pandemic,: Dallas-based Tuesday Morning Corporation said it expects to close aobut 230 of its 687 stores.
..... The New Jersey stores that will close are in East Hanover, Middletown, Paramus, Ramsey, toms River, South Plainfield and Watchung.
..... The stores were chosen as part of a 'thorough and comprehjensive store-by-store analysis," the company said in a statement. The stores are expected to close over the summer.
..... "The prolonged and unexpected closures of our stores in response to COVID-19 has had severe consequences on our business," Steve Becker, chief executive officer, said in a statement.
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Prior to the coronavirus pandemic, the company was "gaining momentum," he said. "However, the complete halt of store operations for two months put the company in a financial position that can be effectively addressed only through a reorganization in Chapter 11."
.... The off-price retailer sells name brand home textiles, home furnishings, housewares, garment food, toys and seasonal decor.
.... Tuesday Morning joins other retailers that are shuttering its stores. Pier 1 Imports, already troubled before the pandemic, last week [05/20/2020] said it is closing its remaining stores.
... Department store giant J.C. Penney and luxury retailer Nieman Marcus recently filed for bankruptcy, Nordstrom also is closing stores, including its store at Freehold Raceway Mall.
David P. Willis, an award-winning business writer, has covered business and consumer news at the Asbury Park Press for more than 20 years. He writes APP.com's What's Going There and Press on Your Side columns and can be reached at dwillis@gannettnj.com. Join his Wat's Going There page on Facebook for updates.