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This article is about the store chain. For other uses, see Tuesday Morning (disambiguation).
Tuesday Morning Corporation
Company typePublic
OTCQX: TUEM
IndustryDiscount retail
Founded1974; 50 years ago (1974)
FounderLloyd Ross
Headquarters
Dallas, Texas
,
United States
Number of locations
490[1]
Area served
United States
Key people
ProductsGifts, Housewares, Food, Flooring, Books, Toys, Hardware, Electronics, Clothing, Lawn and Garden, Health and Beauty, Sporting Goods, Pet Supplies, Seasonal
BrandsVarious
RevenueIncrease US$874.89 million (FY 2015)[1]
Number of employees
7,500 (2020)[1]
Websitewww.tuesdaymorning.com

Tuesday Morning Corporation is one of the original American discount closeout retailers specializing in name-brand merchandise for the home priced below department and specialty stores. The company is headquartered in Dallas, Texas.[2]

History

Tuesday Morning was established in 1974 by Lloyd Ross. Ross worked with big-name manufacturers to buy their excess merchandise and host limited-time warehouse sales to offer these goods at a discount to the public. The company moved to a pop up retail location in 1979 with seasonal events. The company went to full-time retail operations in 1979 and went public in 1984 with 57 stores. At its peak in 2018, the company operated over 700 locations and had sales of over $1 billion.[3] Tuesday Morning focuses on discount home goods.

In May of 2020, after extended store closures due to the COVID-19 pandemic,[4] the company filed for Chapter 11 bankruptcy[5] reorganization and was delisted from the American Stock Exchange. During the reorganization process the company closed close to 200 unprofitable store locations and a distribution center.  

In December of 2020, the company emerged from bankruptcy with a rights offering, enabling the ability to pay all vendor claims in full and protect of shareholder value.[6]  Upon emerging, the company established a new executive leadership team who have yet to live up to expectations and the company stock has headed into a significant downward spiral since they took over.[7] [8] [9][10]On May 25, 2021 the company was re-listed on the NASDAQ stock exchange under TUEM.[11]

See also

  • Benny's – A historical but significantly smaller Rhode Island-based discount retail chain that was iconic in New England, now defunct.
  • Building 19 – An earlier Massachusetts-based discount closeout retailer, now defunct.
  • Ollie’s Bargain Outlet – A significantly smaller but equally iconic Pennsylvania-based chain of discount closeout retailers in the United States with a similar business model to that of Tuesday Morning, but it is not affiliated with the company at all.
  • Ocean State Job Lot – An even more significantly smaller Rhode Island-based chain of discount closeout retailers in the northeastern United States with another similar business model to that of Tuesday Morning, but it is also not affiliated with the company at all.

References

  1. ^ a b c "Tuesday Morning Corporation Company Profile". www.dnb.com. Retrieved August 20, 2021.
  2. ^ "Contact Us". Tuesday Morning. Retrieved 2022-02-01. Our corporate office is located at 6250 LBJ Freeway, Dallas, Texas 75240-6321
  3. ^ Inc, Tuesday Morning. "Tuesday Morning | Our Story". www.tuesdaymorning.com. Retrieved 2021-10-25. {{cite web}}: |last= has generic name (help)
  4. ^ "TUESDAY MORNING CORPORATION PROVIDES COVID-19 RELATED BUSINESS UPDATE | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  5. ^ "Tuesday Morning Corporation Files Chapter 11 to Pursue Financial and Operational Reorganization | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  6. ^ "Tuesday Morning Announces Confirmation of Plan of Reorganization | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  7. ^ "Tuesday Morning Appoints Experienced Off-Price Retailer, Fred Hand, as Chief Executive Officer | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  8. ^ "Tuesday Morning Appoints Experienced Off-Price Retailer, Marc Katz, as Interim Chief Financial Officer | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  9. ^ "Tuesday Morning fills out its C-suite". Retail Dive. Retrieved 2021-10-25.
  10. ^ "Tuesday Morning Corporation Appoints Paul Metcalf as Acting Chief Merchant | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
  11. ^ "Tuesday Morning Announces Approval to Relist on Nasdaq | Tuesday Morning Corp". ir.tuesdaymorning.com. Retrieved 2021-10-25.
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