Tuesday Morning is going out of business.
The Dallas-based discount retailer’s stock experienced a precipitous decline in the past year. Just one year ago, its stock was trading at $29.75, and the company was worth $177 million. On Monday, its market cap was just $1,780.
Hilco Merchant Resources, a liquidation company, bought Tuesday Morning out of bankruptcy for $32 million on Thursday, according to The Dallas Morning News.
As previously reported by The Dallas Express, Tuesday Morning filed for bankruptcy in February for the second time in three years, originally with the intent to reorganize as a smaller retailer.
The company opened in 1974 and still has 59 stores in Texas, with 18 locations in the Dallas-Fort Worth area, with two in Arlington and one in Allen, Dallas, Denton, Euless, Farmers Branch, Frisco, Garland, Irving, Keller, Lewisville, McKinney, Plano, Rockwall, Sherman, Waxahachie, and Weatherford.
Following the liquidation, all Tuesday Morning employees at North Dallas headquarters and stores will be laid off as stores close over the next few weeks.
At its peak, Tuesday Morning had sales of over $1 billion in 2019, with over 700 locations in 40 states.
Tuesday Morning’s financier during bankruptcy, Austin-based Invictus Global Management, objected to the sale and wanted to buy the company and continue operations, according to the DMN.
An attorney for Invictus said it was “a sad and disappointing day” as his client tried very hard to keep the business afloat, per the DMN.
There are roughly 200 locations left, and the remaining stores will hold going-out-of-business sales before doors close permanently.
Tuesday Morning’s demise comes following the recent bankruptcy of another discount home goods competitor, Bed Bath & Beyond, who filed for Chapter 11 bankruptcy late last month.
Fort Worth-based home decor and furniture store Pier 1 filed for bankruptcy three years ago, officially closing all its stores after a judge approved the filing last year.