Hilco, the liquidator that acquired Tuesday Morning through Chapter 11 bankruptcy proceedings, is looking to find a buyer for the off-price retailer's brand and intellectual property weeks ahead of its planned closure of nearly 200 stores throughout the United States.
The intellectual property advisory arm of the Northbrook, Illinois-based company, called Hilco Streambank, is seeking offers for the brand assets of the off-price home furnishings retailer Tuesday Morning. Those interested in the Tuesday Morning brand and assets can contact Hilco Streambank and indicate their interest by June 8.
The assets include the brand's trademark, its customer database of more than 3 million shoppers, the retailer's social media accounts, design patents and digital content, according to the firm. By the end of June, all of Tuesday Morning's stores will be closed, but the firm's executives said in its offering, "An opportunity exists to engage in discussions with landlords regarding reactivating a limited store fleet."
David Peress, executive vice president of Hilco Streambank, said the Tuesday Morning brand offers a "meaningful opportunity to maintain engagement with its valuable customer base" and reactivate the brand through new channels, such as e-commerce. Texas retail brands like RadioShack and Pier 1 Imports have previously been resurrected with the help of Retail Ecommerce Ventures, a well-heeled investment firm that invested millions in Tuesday Morning before the retailer filed for Chapter 11 bankruptcy for the second time in three years.
"The off-price retail sector continues to grow, and the Tuesday Morning banner provides a well-loved platform to reach customers who seek the thrill of the bargain hunt," Peress added in a statement.
Prior to the pandemic, the nearly 50-year-old retailer's brand spanned the United States with more than 600 stores. The retailer hit annual revenue of $1 billion at its peak in 2018 and 2019. Hilco's advisory arm detailed the company's financial achievements and its history in the public offering.