Tuesday Morning, an off-price retailer of home goods and décor, will close both Montgomery County locations– Aspen Hill (13832 Georgia Avenue in the Northgate shopping center) and Rockville (1616 East Jefferson St. #12B in Congressionak Plaza). According to a Business Insider report, “the chain filed for Chapter 11 bankruptcy on Tuesday. As part of the process, the retailer wants to close 265 stores across the US, or more than half of all of its stores, according to a document filed in bankruptcy court in Northern Texas.” Specific closing information for each location to come soon.
This comes a few months after the company announced that it has entered into an agreement to secure $32 million in convertible debt financing from a special purpose vehicle (“SPV”) formed by Retail Ecommerce Ventures LLC (“REV”), the owner of a diverse portfolio of consumer brands that includes Pier 1 Imports (“Pier 1”), Linens ‘n Things, Stein Mart, Modell’s Sporting Goods, and Ayon Capital, LLC (“Ayon”).
The deal lead to Pier 1 products being sold in Tuesday Morning stores, something that hasn’t happened since Pier 1 closed all of its stores in 2020. The proceeds from the parties’ investments were expected to strengthen Tuesday Morning’s balance sheet, but the help doesn’t appear to have been enough as Tuesday Morning has been hit harder than by inflation and supply-chain costs, according to a Wall Street Journal report on Tuesday.
Additional closures can be found here. Featured photo courtesy of Google Maps.
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