Photo taken on May 27, 2020 shows a Tuesday Morning store in Plano of Texas, the United States. U.S. off-price retailer Tuesday Morning has filed for bankruptcy protection amid the COVID-19 pandemic, the company said Wednesday. (Photo by Dan Tian/Xinhua)
HOUSTON, May 27 (Xinhua) -- U.S. off-price retailer Tuesday Morning has filed for bankruptcy protection amid the COVID-19 pandemic, the company said Wednesday.
In a news release, the company said the immense impact of COVID-19 forced prolonged closure of its entire store portfolio, creating an insurmountable financial hurdle.
The company also said it will close around 230 of its 687 stores, with a phased approach, to focus on high-performing locations.
"The prolonged and unexpected closures of our stores in response to COVID-19 has had severe consequences on our business," said the company's CEO Steve Becker.
Based in Dallas, Texas, Tuesday Morning Corporation is one of the original off-price retailers specializing in name-brand, high-quality products for the home at prices generally below those found in boutique, specialty and department stores, catalogs and online retailers. The company opened its first store in 1974 and currently operates 687 stores in 39 states. Enditem
