Feb. 16—Dallas-based off-price retailer Tuesday Morning filed for Chapter 11 bankruptcy for the second time in three years on Tuesday.
In 2020, the company said it was closing 232 of its then 687 stores as part of a Chapter 11 restructuring.
The struggling retailer this time is closing more than half of its remaining stores — 265 of 487 location — in 38 states. On the chopping block are two stores in Mississippi — Tupelo and Southaven.
That will leave 10 stores in the state barring further closures: Biloxi, Brandon, Flowood, Hattiesburg, Jackson, Laurel, Long Beach, Meridian, Ocean Springs and Oxford.
The closing of the store is the third national retailer to announce in recent weeks that it was exiting the Tupelo market. Last week, Bed Bath and Beyond said it was closing its location, and two weeks ago, H&M announced its closure.
Tuesday Morning CEO Andrew Berger said the Chapter 11 filing was needed to handle "exceedingly burdensome debt."
Tuesday Morning has secured $51.5 million in financing from Invictus Global Management and has a "clear vision for transforming into a focused retailer that serves its core, heritage markets in a profitable manner," Berger said.
The company said it was closing underperforming stores in low-traffic areas to allocate resources to its remaining stores in high-traffic areas.
Tuesday Morning said it "believes this targeted approach to winding down unprofitable and underperforming stores will position Tuesday Morning to emerge from bankruptcy with a profitable, cash-generating store fleet that serves its most engaged and loyal customers."
Based in Dallas, Tuesday Morning opened its first store in 1974.