Off-price retailer Tuesday Morning is planning to close more than half of its U.S. stores as it seeks to drastically restructure its business to return to profitability.
The company with 464 U.S. retail locations filed for Chapter 11 bankruptcy protection in a Texas court Tuesday for the second time in three years, saying it faced "unprecedented challenges," including under-performing sales at some of its stores.
Tuesday Morning is asking the bankruptcy court for approval to close 264 locations spanning 38 states, according to documents filed with the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth division.
Tuesday Morning's management team determined that "immediate liquidation of the company's inventory at its under-performing store locations under the supervision of the bankruptcy court is the best strategy to maximize value for the benefit of creditors," according to the documents.
The Dallas-based retailer expects the bulk of the proposed store closings and liquidation sales to take about eight weeks to complete, according to the filing. The sales are "necessary to maximize the value of the assets being sold," Tuesday Morning's team told the court.
The proposed closures, as well as Tuesday Morning's $51.5 million of debtor-in-possession financing from Invictus Global Management LLC, are subject to approval of the bankruptcy court. Tuesday Morning's first-day hearing on its proposed Chapter 11 restructuring plan is expected to be heard before Judge Edward Morris on Wednesday afternoon.
Neil Saunders, managing director of GlobalData and a retail analyst who tracks the industry and has no affiliation with Tuesday Morning, told CoStar News he expects the retailer to emerge from bankruptcy because it has the funding and seem ready to make the needed cuts and to restructure the business.
"Closing stores is necessary because the business isn’t working and many stores are not making money," Saunders told CoStar News in an email. "However, this is a symptom of the wider problem of not having a good proposition. Unless this is corrected, more and more stores will have to close, and this will continue until there is nothing left of the chain."
Here are the 264 locations by state that Tuesday Morning wants to close:
Alabama: 1695 McFarland Blvd. in Northport; 7900 Bailey Cove Road in Huntsville; 5291 Highway 280 in Birmingham; 3114 Ross Clark Circle in Dothan; 1620 Montclair Road in Irondale; 3051 Dauphin St. in Mobile; 1720 Gulf Shores Parkway in Gulf Shores; 1705 Montgomery Highway South in Hoover; 2019 Sixth Ave. SE in Decatur; 6275 University Drive NW in Huntsville.
Arkansas: 2008 S. Caraway Road in Jonesboro; 204 South Rockwood Drive in Cabot.
Arizona: 20165 N. 67th Ave. in Glendale; 245 E. Bell Road in Phoenix; 6228 E. Broadway Blvd. in Tucson; 10273 W. McDowell Road in Avondale; 10096 West Happy Valley Road in Peoria; 2815 South Alma School Road in Chandler; 1840 E. Warner Road in Tempe; 6952 E. Hampton Ave. in Mesa; 15449 N. Hayden Road in Scottsdale; 6884 East Sunrise Drive in Tucson; 4643 Cactus Road in Phoenix.
California: 23855 Hawthorne Blvd., Torrance; 890 Blossom Hill Road in San Jose; 901 Santa Monica Blvd. in Santa Monica; 2450 Las Posas Road in Camarillo; 5771A Five Star Blvd. in Roseville; 685 East Bidwell St. in Folsom; 1000 E. Route 66 in Glendora; 18040 Chatsworth St. in Granada Hills; 1635 A-C & M Hilltop Drive in Redding; 5432 Woodruff Ave. in Lakewood; 1824 Marron Road in Carlsbad; 1772-D Garnet Ave. in San Diego; 22950 Victory Blvd. in Woodland Hills; 2983 Jamacha Road in El Cajoon; 9940 Alabama St. in Redlands; 1355 N. McDowell Blvd. in Petaluma; 7255 Greenback Lane in Citrus Heights; 4756 Telephone Road in Ventura; 2721 Calloway Drive in Bakersfield; 191 San Marin Drive in Novato; 8520 E. Chapman Ave. in Orange; 17120 Magnolia St. in Fountain Valley; 2485 Notre Dame Blvd. in Chico; 11098 E. Foothill Blvd. in Rancho Cucamonga; 850 Herndon Ave. in Clovis; 44250 Town Center Way in Palm Desert; 3338 Governor Drive in San Diego; 4242 Camino Del Rio in San Diego; 2139 Foothill Blvd. in La Verne; 3250 Dale Road in Modesto; 17126 Van Buren Blvd. in Riverside.
Colorado: 3354 Youngfield St. in Wheat Ridge; 8055 W. Bowles Ave. in Littleton; 5677 N. Academy Blvd. in Colorado Springs; 4426 South College Ave. in Fort Collins; 4909 Thompson Parkway in Johnstown; 7951 S. Broadway in Littleton; 10606 Melody Drive in Northglenn; 18721 East Ponderosa Drive in Parker; 5637 Barnes Road in Colorado Springs; 220 W. 29th St. in Pueblo; 2650 North Ave. in Grand Junction; 3640 River Point Parkway in Sheridan; 209-237 Summit Place Shopping Center in Silverthorne; 774 S. Perry St. in Castle Rock.
Delaware: 154-156 Lantana Drive in Hockessin; 18904 Rehoboth Mall Blvd. in Rehoboth Beach.
Florida: 3728 SW Archer Road in Gainesville; 840 A1A North in Ponte Vedra; 5630 Cortez Road West in Bradenton; 2561 Countryside Blvd. in Clearwater; 13300 S. Cleveland Ave. in Fort Myers; 7895 Martin Luther King Jr. in St. Petersburg; 1000 Immokalee Road in Naples; 701 S. Orlando Ave. in Winter Park; 486 N. Hwy 27 in Lady Lake; 2447 N. Wickham Road in Melbourne; 4768 S. Tamiami Trail in Sarasota; 15271 McGregor Blvd. in Fort Myers; 1377 Wendy Court in Spring Hill; 15692 Dale Mabry Highway in Tampa; 745 Courtenay Parkway in Merritt Island; 4489-E Commons Drive West in Destin; 949-A East Mcnab Road in Pompano Beach; 11201 Park Blvd. in Seminole; 11692 US Hwy 1 in North Palm Beach; 1615 Sun City Center in Sun City; 7777 N. Wickham Road in Melbourne; 2420 Washington Ave. in Titusville; 4127 Tamiami Trail in Venice; 2661 S. Woodland Blvd. in Deland.
Georgia: 191 Alps Road in Athens; 1001 Market St. in Dalton; 136 Marketplace Parkway in Dawsonville; 13069 Hwy. 9N in Milton; 4025 Watson Blvd in Warner Robins; 1999 Mall of Georgia Blvd. in Buford; 1901 Montreal Road in Tucker; 5920 Roswell Road in Atlanta; 10010 Abercorn St. in Savannah; 1708A Scenic Highway N. in Snellville; 608 Holcomb Bridge Road in Roswell; 2421 Shallowford Road NE in Marietta.
Iowa: 2900 University Ave. in West Des Moines; 1451 Coral Ridge Ave. in Coralville; 902 W. Kimberly Road in Davenport.
Idaho: 227 W. Appleway Ave. in Coeur D'Alene.
Illinois: 4700 Gilbert St. in Western Springs; 45 E. Marketview Drive in Champaign; 2345 S. MacArthur Blvd. in Springfield; 1401 West Glen in Peoria; 5613 W. Touhy Ave. in Niles.
Indiana: 4710 Coldwater Road in Fort Wayne; 2548 Miracle Lane in Mishawaka; 3962 West Jefferson Blvd. in Fort Wayne; 217 N. Green River Road in Evansville; 311 Sagamore Parkway in North Lafayette.
Kansas: 2423 N. Greenwich in Wichita.
Kentucky: 6929 Alexandria Pike in Alexandria; 125 E. Reynolds Road in Lexington; 7800 Connector Drive in Florence; 2600 Calumet Trace in Owensboro; 3250 James Sanders Blvd. in Paducah; 1915 S. Hurstbourne Parkway in Louisville; 1555 East New Circle Road in Lexington.
Louisiana: 9626 Airline Highway in Baton Rouge; 64 Westbank Expressway in Gretna.
Maryland: 121 Hillsmere Plaza in Annapolis; 1616 East Jefferson St. in Rockville; 15500 Annapolis Road in Bowie; 139 Ritchie Highway in Severna Park; 13832 Georgia Ave. in Silver Spring; 1447 Rock Spring Road in Bel Air; 1171 Maryland Ave. in Hagerstown; 9150 Baltimore National Pike in Ellicott City.
Michigan: 3661 28th St. SE in Grand Rapids; 6140 South Westnedge Ave. in Portage; 905 East Big Beaver Road in Troy.
Minnesota: 2497 Highway 7 in Excelsior; 2730 Division St. in St. Cloud; 2100 N. Snelling Ave. in Roseville.
Missouri: 780 N. New Ballas Road in Creve Coeur; 9656 Olive Blvd. in Olivette; 1130 W. 136th St. in Kansas City; 8986 NW Skyview Ave. in Kansas City.
Mississippi: 3885 N. Gloster St. in Tulepo; 195 Goodman Road W. in Southhaven.
Nebraska: 200 N. 66th St. in Lincoln.
Nevada: 6013 S. Virginia St. in Reno; 6650 N. Durango Drive in Las Vegas; 8520 Del Webb Blvd. in Las Vegas; 3921 South Carson St. in Carson City.
New Jersey: 85 Godwin Ave. in Midland Park.
New Mexico: 10420 Coors Bypass NW in Albuquerque; 3553 Zafarano Drive in Santa Fe.
New York: 773 Pulaski Road in Greenlawn; 140 Pine St. in Hamburg; 1601 Penfield Road in Penfield.
North Carolina: 774 E. King St. in Boone; 1495 E. Franklin Blvd. in Gastonia; 3726-A Battleground Ave. in Greensboro; 1593 Beaver Creek Comons in Apex; 8111 Creedmoor Road in Raleigh; 3716 West W.T. Harris Blvd. in Charlotte; 404 East Six Forks Road in Raleigh; 703 Greenville Blvd. SE in Greenville; 2900 Arendell St. in Morehead City; 5426 New Hope Commons Drive in Durham; 5050 S. Croatan Hwy. in Nags Head; 2442 Park Road in Charlotte; 14151 Steele Creek Road in Charlotte; 1297 Buck Jones Road in Raleigh; 13200 New Falls of Neuse Road in Raleigh; 1947 North Pease Haven Road in Winston-Salem; 9945 E. Independence Blvd. in Matthews.
Ohio: 4844 Everhard Road Northwest in Canton; 1079 South Main St. in Centerville; 454 Ohio Pike in Cincinnati; 5056 Glencrossing Way in Cincinnati; 3655 Fishinger Blvd. in Hilliard; 885 Bethel Road in Columbus; 6845 Pearl Road in Middleburg Heights.
Oklahoma: 6920 NW Expressway in Oklahoma City; 501 SE Washington Blvd. in Bartlesville.
Oregon: 850 Biddle Road in Medford; 61334 S. Highway 97 in Bend; 3485 SW Cedar Hills Blvd. in Beaverton; 56 NW Burnside in Gresham; 4450 Commercial St. in Salem; 10890 SE Oak St. in Milwaukie.
Pennsylvania: 3911 Washington Road in McMurray; 2169 W. 12th St. in Erie; 1043 Pontiac Road in Drexel Hill; 500 2nd Street Pike in Southhampton; 228 Schuylkill Road in Phoenixville; 6401 Penn Ave. in Pittsburgh.
South Carolina: 2529 Whiskey Road in Aiken; 680 Long Point Road in Mount Pleasant; 1900 West Palmetto St. in Florence; 264 Harbison Blvd. in Columbia; 975 Savannah Highway in Charleston; 6101 Calhoun Memorial in Easley.
South Dakota: 412721 West 41st St. in Sioux Falls.
Tennessee: 5056 Park Ave. in Memphis; 2031 Exeter Road in Germantown; 259 Indian Lake Blvd. in Hendersonville; 3122-A East Oakland in Johnson City; 1409 East Stone Drive in Kingsport; 2853 Bartlett Blvd. in Bartlett; 2727 Teaster Lane in Pigeon Forge; 655 S. Mt. Juliet Road in Mt. Juliet; 1625 Germantown Parkway in Cordova; 1010 Murfreesboro Road in Franklin.
Texas: 8072 Farm-to-Market Road 1960 in Humble; C4006 S. Lamar in Austin; 654 SW Wilshire Blvd. in Burleson; 3046 Lavon Drive in Garland; 1406 E. US Highway 377 in Granbury; 609 Harwood Road in Bedford; 5240 South Hulen St. in Fort Worth; 4750 State Highway 121 in Lewisville; 5217‐A N Navarro St. in Victoria; 4150 Dowlen Road in Beaumont; 3304 Central Expressway in Plano; 1323 W. Pipeline Road in Hurst; 1210 Harvey Road in College Station; 2225 Porter Creek Drive in Fort Worth; 3950 E. 42nd St. in Odessa; 5517 Sierra Springs Lane in Fort Worth; 2110 W. Slaughter Lane in Austin; 7301 Burnet Road in Austin; 3501 Bernie Anderson Ave. in Fort Worth; 5442 Weslayan St. in Houston; 6450 N. Desert Blvd. in El Paso; 12568 Westheimer Road in Houston; 7525 Westheimer Road in Houston; 4319 Kemp Blvd. in Wichita Falls.
Utah: 4050 Riverdale Road in Riverdale; 1130 Brickyard Road in Salt Lake City; 168 East University Parkway in Orem; 250 Red Cliffs Drive in St. George.
Virginia: 118 W. 21st St. in Norfolk; 251A N. Washington Highway in Ashland; 9125 W. Broad St. in Richmond; 14613 Hancock Village St. in Chesterfield; C7043 Mechanicsville Turnpike in Mechanicsville; 12233 Jefferson Ave. in Newport News; 8371 Sudley Road in Manassas; 6140‐A Rose Hill Drive in Alexandria; 2890 Prince William Parkway in Woodridge; 7101 Forest Hill Ave. in Richmond; C11006 Warwick Blvd. in Newport News; 6230 Rolling Road in Springfield.
Washington state: 13808 E. Indiana Ave. in Spokane Valley; 628 NE 81st St. in Vancouver; 13410 Meridian Ave. in Puyallup; 719 Sleater Kinney Road in Lacey.
Wisconsin: 4930 South 74th St. in Greenfield; 1110 West Sunset Drive in Waukesha.