Thu, March 28, 2024

National home goods retailer to close CSRA location

Shoppers at a CSRA retail location that specializes in home decor are about to have a bad morning.

Tuesday Morning, which is located in Washington’s Corner Shopping Center at 3241 Washington Road, behind LongHorn Steakhouse in Augusta, is closing soon and offering discounts of up to 30 percent for its remaining merchandise.

In February, the Dallas-based company, which currently has more than 200 locations throughout the United States, including Florida, South Carolina, Alabama, and Texas, filed for Chapter 11 bankruptcy protection and has announced it’s closing all its stores nationwide.

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ABD spoke to employees at the local store who said they aren’t sure exactly when it will close its doors.

“They estimated sometime in June,” one employee said.

Another said they just found out about the closing on Saturday, April 29.

We also reached out to the company, which issued a statement that confirmed it will most likely close the Augusta store in June.

Tuesday Morning on Washington Road is closing next month.

“We will not be closing until the store has sold through all its remaining merchandise,” a Tuesday Morning representative said. “Closing a store is never an easy decision, and we will miss being a part of your community.”

According to an article from Retail Dive, a national publication that provides in-depth coverage and analysis of retail trends and news, it was the second time the company had filed for bankruptcy protection. The first time was in May 2020.

“In the weeks ahead of its bankruptcy filing, Tuesday Morning says its creditors, led by Wells Fargo, increased the company’s reserve requirements from $10 million to $30 million. That action ‘effectively eliminated’ its operating liquidity and contributed to the company’s untenable financial position,” the article said.

The creditors’ action also prevented the company from borrowing more money to keep its remaining stores afloat. The article said Invictus Global Management, a Texas-based investment firm, offered Tuesday Morning more than $50 million to continue its operations, but that deal fell through.

At one time, the company, which was founded in 1974, had nearly 700 locations nationwide. Besides Augusta, it had another location in Aiken, which has already closed.

The Augusta store is open Monday through Saturday, from 10 a.m. to 8 p.m., and Sunday, from 11 a.m. to 6 p.m. For more information, visit tuesdaymorning.com/.

The main competitors for Tuesday Morning are Home Goods, Big Lots, and Hobby Lobby, which for now, all remain open in Augusta.

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