RICHMOND, Va. — Twelve Tuesday Morning stores in Virginia are part of the more than 250 locations the discount retailer plans to shutter across the country this year.
In a filing with the Securities and Exchange Commission, the home goods company said it had filed for Chapter 11 bankruptcy.
Tuesday Morning said the bankruptcy filing will allow it to "transform into a nimbler retailer."
“After considering how best to address Tuesday Morning’s exceedingly burdensome debt, we have determined that the best path to reorganizing and transforming the Company begins with a Chapter 11 filing, said Andrew Berger, Tuesday Morning CEO. "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."
The company said it will close stores in "low-traffic regions" that are "unprofitable" and "underperforming."
In all, stores in 38 states will be affected. More than 30 stores in California will close, the most of any other state. Twenty-four stores will close in both Texas and Florida.
Of the 12 stores closing in Virginia, five are in Central Virginia. Those locations are the Ashland Hanover Shopping Center location in Ashland, the Hancock Village store in Chesterfield, the Broad Shopping Center store in Henrico, the Hanover Village store in Mechanicsville and the Shops at Stratford Hills location in Richmond.
The retailer said everything in the stores will be on sale. Click here for more on which locations will be closing and offering the sale prices.
Four stores in Virginia will remain open,according to the company. Those include the Pantops Shopping Center store in Charlottesville, the Great Bridge Shopping Center store in Chesapeake, the Wards Road store in Lynchburg and the Ridgewood Farm Village location in Salem.
Scripps News contributed to this report.
