Discount retailer Tuesday Morning plans to close more than 250 stories 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."
Walmart plans to close 'underperforming' store locations
Last year, Walmart saw shares drop as it cut its profitability outlook amid skyrocketing inflation.
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.
The retailer said everything in the stores will be on sale.
Click here to see which locations will be closing and offering the sale prices.
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