Liquidation sales begin as the Bed Bath & Beyond rival begins closing its remaining 464 stores Tuesday morning
- The 50-year-old discounter for household goods filed for bankruptcy in February
- Bed Bath & Beyond also began closing its 360 remaining stores last week
- Items have been reduced by 30 percent as shoppers rush to snag a bargain in the sale
Shops began closing sales Tuesday morning as they become the latest victim of the “retail apocalypse” sweeping the country.
The discounter for household goods, which has existed for almost 50 years, filed for bankruptcy in February.
The retailer follows in the footsteps of Bed Bath & Beyond, which began closing its stores last week – just days after it filed for bankruptcy after a last-ditch effort to stay afloat failed.
Customers lined the block to try and grab a bargain as the chain began closing all of its 360 stores before the end of June.
Tuesday Morning, which was founded in 1974, announced on Facebook that it would begin liquidation sales at its remaining 464 stores.
The Tuesday Morning discount chain, founded in 1974, filed for bankruptcy in February
The homewares retailer begins liquidation sales at its remaining 464 stores
Tuesday Morning is the latest casualty of the “retail apocalypse” sweeping the US
“As of today, we have begun closing all of our stores,” the post said. “Our going-out-of-business sale is in stores now, with discounts of up to 30 percent.
‘Thank you for 49 years of loyalty and support.’
A later post urged shoppers not to miss out, urging them to jump in quickly as “the savings don’t last.”
It also warned customers that gift cards would only be accepted until May 13.
According to court filings viewed by WFOX, the company has 464 stores in 39 states and employs more than 4,000 people.
The closures come after the company filed for Chapter 11 bankruptcy in Fort Worth, Texas on Feb. 14.
As part of a restructuring, the company had planned to close stores in low-traffic areas to deal with “extremely onerous debt”.
Bosses have closed hundreds of stores, increasing the portfolio to around 480 from 700 three years ago.
Tuesday Morning also filed for bankruptcy in 2020 as it struggled to shore up its finances during the pandemic.
The retailer announced on Facebook that it is beginning sales in its remaining stores
The ailing company expects to close all of its 360 stores by June 30
According to its financial records, since 2004, Bed and Bath has spent $11.73 billion repurchasing its own stock at an average price of more than $44 per share
Bed Bath & Beyond filed for bankruptcy in a New Jersey County court on April 23
It comes just a week after rival chain Bed Bath & Beyond began similar store closures nationwide.
Both Bed Bath & Beyond stores and sister store buybuy BABY, which has 120 locations across the country, have begun closing sales.
The retailer also announced that shoppers can no longer redeem the store’s famous 20 percent discount coupons, but gift cards will still be accepted in stores until May 8.
Its decline is one of the most dramatic in recent history – the company was founded in 1971 and became ubiquitous in the American housewares market.
Bed Bath & Beyond warned of possible bankruptcy in early January when it issued a going concern statement that it might not be able to sustain its expenses after a difficult holiday season.
The retailer has had to deal with low inventories, declining sales and dwindling cash reserves.
It filed for bankruptcy in a New Jersey County court on April 23.
The closures come as other major retailers including JCPenney, Walmart, Best Buy, Macy’s, Party City and others have announced they will be closing stores this year.