Tuesday Morning Corp, a retail business based in Texas, is ceasing operations, and liquidators are selling absolutely everything!
We've known for a few weeks that Tuesday Morning is closing and selling all its stock, but today a few unusual items were offered for sale.
Let's take a quick look at the developing story.
Tuesday Morning troubles
Tuesday Morning is a household merchandise discount store popular with shoppers looking for prices below department stores.
Lloyd Ross founded the business in Texas in 1974 and took it public in 1984. At its peak in 2018, the company operated over 700 locations and had sales of over $1 billion.
Sadly the news hasn't been as good in the last few years. Last November, the "company announced that same-store sales were down 10.4 percent compared with the same fiscal quarter last year, and net sales dropped to $157.1 million this quarter, down from $176.9 million a year prior."
Then, in February, it filed for bankruptcy for the second time in three years.
Last month Judge Edward L. Morris of the U.S. Bankruptcy Court for the Northern District of Texas approved the sale of the bankrupt business, known as Tuesday Morning, to a liquidation company.
This meant the business would cease operations and close down all stores nationwide.
As a result, over two thousand employees will lose their jobs, including those at Tuesday Morning’s North Texas headquarters over the coming weeks.
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Today Hilco Streambank, a "leading intellectual property advisory firm specializing in the valuation and monetization of intangible assets, announced that it is seeking offers to acquire the brand assets of leading off-price branded home furnishings retailer Tuesday Morning."
According to Hilco, "available assets include the Tuesday Morning® trademarks, domain names including TuesdayMorning.com, customer database, social media accounts, design patents, and related digital content."
The Tuesday Morning brand provides a meaningful opportunity to maintain engagement with its valuable customer base and to reactivate the remainder through new channels such as e-commerce and new product categories,” Hilco Streambank executive vice president David Peress
I will continue to update readers with any new developments in this story, so follow me to keep up with the latest retail developments.
Your thoughts
Do these store closures affect you? Are you concerned about the number of stores closing in Texas and the loss of jobs? Are you surprised the liquidators are even selling digital assets? Would the Tuesday Morning website be of much value?
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