The retailer Tuesday Morning has filed for Chapter 11 bankruptcy with plans to close approximately 230 of its 687 stores, but the Florence Square location does not appear to be on the list for summer closures.
The company, based in Dallas, made the announcement in a press release today that it had requested court approval to begin closing stores this summer.
In March, the retailer temporarily closed all of its locations and furloughed most of its 9,000 employees as the coronavirus pandemic shuttered many retailers and restaurants, according to media reports.
It began to reopen stores April 24, according to the release, and ". . . comparable store sales for the reopened stores have been approximately 10% higher than sales during the same period in fiscal 2019, and over 7,300 associates have returned to work."
"The prolonged and unexpected closures of our stores in response to COVID-19 has had severe consequences on our business," CEO Steve Becker said in the release. "Prior to the pandemic, we were gaining momentum in our merchant organization, growing our vendor base and improving brands, assortment and value for our customers, while investing in our technology and corporate leadership team. However, the complete halt of store operations for two months put the Company in a financial position that can be effectively addressed only through a reorganization in Chapter 11.”
Becker's statement continued: "We plan to emerge from Chapter 11 in a stronger position as a leading home goods off-price retailer, providing unmatched value to our customers. The commitment from our lenders to provide access to significant capital demonstrates faith in our value-driven business model and iconic brand. Looking ahead, we've been encouraged by very positive performance of the business as we continue to re-open our doors and welcome back our dedicated customers."
According to a list published by Business Insider, Alabama's two locations to close during the first round of closures are in Cullman and Gadsden.