Tuesday Morning

Tuesday Morning Corporation is a Dallas, Texas-headquartered household merchandise discount store, priced below department and specialty stores.[2]

This article is about the store chain. For other uses, see Tuesday Morning (disambiguation).
Tuesday Morning Corporation
TypePublic
Nasdaq: TUEM
IndustryDiscount retail
Founded1974 (1974)
FounderLloyd Ross
Headquarters
Dallas, Texas
,
United States
Number of locations
490[1]
Area served
United States
Key people
  • Andrew Berger (CEO)
ProductsGifts, Housewares, Food, Flooring, Books, Toys, Hardware, Electronics, Clothing, Lawn and Garden, Health and Beauty, Sporting Goods, Pet Supplies, Seasonal
BrandsVarious
Revenue US$874.89 million (FY 2015)[1]
Number of employees
7,500 (2020)[1]
Websitewww.tuesdaymorning.com

History

Tuesday Morning was established in 1974 by Lloyd Ross. Ross worked with manufacturers to buy their excess merchandise and host limited-time warehouse sales to offer these goods at a discount to the public. The company moved to a pop-up retail location in 1979 with seasonal events. The company went to full-time retail operations in 1979 and went public in 1984 with 57 stores. At its peak in 2018, the company operated over 700 locations and had sales of over $1 billion.[3] Tuesday Morning focuses on discount home goods.

In May 2020, after extended store closures due to the COVID-19 pandemic,[4] the company filed for Chapter 11 bankruptcy[5] reorganization and was delisted from the American Stock Exchange. During the reorganization process the company closed close to 200 unprofitable store locations and a distribution center.

In December 2020, the company emerged from bankruptcy with a rights offering, enabling the ability to pay all vendor claims in full and protect shareholder value.[6] Upon emerging, the company established a new executive leadership team who has failed to live up to expectations and tanked the companies stock from $4+ per share down to .30 cents per share in just over one years time.[7][8][9][10] On May 25, 2021 the company was re-listed on the NASDAQ stock exchange under TUEM.[11]

On February 14, 2023, Tuesday Morning once again filed for Chapter 11 bankruptcy.[12]

See also
  • Benny's – A historical but significantly smaller Rhode Island-based discount retail chain that was iconic in New England
  • Building 19 – An earlier Massachusetts-based discount closeout retailer
  • Ollie’s Bargain Outlet – A smaller Pennsylvania-based chain of discount closeout retailers in the United States with a similar business model to that of Tuesday Morning
  • Ocean State Job Lot – A smaller Rhode Island-based chain of discount closeout retailers in the northeastern United States

References
  1. "Tuesday Morning Corporation Company Profile". www.dnb.com. Retrieved August 20, 2021.
  2. "Contact Us". Tuesday Morning. Retrieved 2022-02-01. Our corporate office is located at 6250 LBJ Freeway, Dallas, Texas 75240-6321
  3. Inc, Tuesday Morning. "Tuesday Morning | Our Story". www.tuesdaymorning.com. Retrieved 2021-10-25. {{cite web}}: |last= has generic name (help)
  4. "TUESDAY MORNING CORPORATION PROVIDES COVID-19 RELATED BUSINESS UPDATE | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  5. "Tuesday Morning Corporation Files Chapter 11 to Pursue Financial and Operational Reorganization | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  6. "Tuesday Morning Announces Confirmation of Plan of Reorganization | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  7. "Tuesday Morning Appoints Experienced Off-Price Retailer, Fred Hand, as Chief Executive Officer | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  8. "Tuesday Morning Appoints Experienced Off-Price Retailer, Marc Katz, as Interim Chief Financial Officer | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  9. "Tuesday Morning fills out its C-suite". Retail Dive. Retrieved 2021-10-25.
  10. "Tuesday Morning Corporation Appoints Paul Metcalf as Acting Chief Merchant | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  11. "Tuesday Morning Announces Approval to Relist on Nasdaq | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  12. "Discount retailer Tuesday Morning files for bankruptcy again". Bloomberg. February 14, 2023. Retrieved February 14, 2023.
Wikimedia Commons has media related to Tuesday Morning.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.