Business & Tech
Another Retailer Closing Illinois Stores
The discount home goods retailer is closing 5 additional Illinois stores after the struggling business filed for bankruptcy.
ILLINOIS — The discount home goods retailer Tuesday Morning Corp., which has seven stores in Illinois, is closing some of them after filing for Chapter 11 bankruptcy protection earlier this month.
Dallas-based Tuesday Morning will close 263 stores located in “low-traffic regions,” the company said in a statement. In Illinois, Tuesday Morning operates seven stores, and the following locations are listed as closing soon:
- Peoria, 1401 W. Glen Ave., University Square
- Champaign, 45 E. Marketview Dr., Marketview Center
- Niles, 5613 West Touhy Ave., Village Crossings Shopping Plaza
- Springfield, 2345 S. MacArthur Blvd., Town And Country Plaza
- Western Springs, 4700 Gilbert Ave., Garden Market Shopping Plaza
An Arlington Heights store is already closed, according to the Tuesday Morning website. The Orland Park and Fox River Grove locations were listed as still open.
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In the Feb. 14 bankruptcy filing, Chief Executive Andrew Berger cited “exceedingly burdensome debt.” In a statement, Tuesday Morning said it had secured a $51.5 million debtor-in-possession commitment from Invictus Global Management to support operations during the bankruptcy proceedings.
“We have determined that the best path to reorganizing and transforming the company begins with a Chapter 11 filing,” Berger said in a statement. “Fortunately, we have the support of a committed capital provider in Invictus and a clear vision for transforming into a focused retailer that serves its core, heritage markets in a profitable manner.”
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The company said the “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.”
Overall, the company has 487 stores in 40 states that employ about 1,600 full-time and 4,700 part-time employees.
Tuesday Morning previously sought Chapter 11 bankruptcy in May 2020, closing 200 of its stores at that time, according to MarketWatch.
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