Tuesday Morning’s Northport Location to Close Following Bankruptcy Filing
Northport's Tuesday Morning location is among 10 statewide locations expected to close after the retail store filed for Chapter 11 bankruptcy Tuesday.
According to a release from the company, the Dallas-based retail store, which is a leading off-price retailer of home goods and décor, announced "it is pursuing a financial and operational reorganization to enable the company to reduce its outstanding liabilities, obtain significant and necessary capital and ultimately transform into a nimbler retailer that serves heritage markets in a profitable manner."
The release said the company has also obtained a commitment from Invictus Global Management, LLC to provide $51.5 million of debtor-in-possession financing to support ongoing operations during the proceedings.
Andrew Berger, chief executive officer and director, said the filing was the best path to take as the company works to address its exceedingly burdensome debt.
"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," Berger said in the release. "We look forward to taking steps that enable us to emerge as a stronger retailer that draws on a legacy of offering a unique off-price value proposition to our loyal customer base."
The release does not state when the Northport store, which sits at 1695 McFarland Boulevard in the Northport Plaza, is expected to close, however the company website said the store is hosting a large sale in preparation for the closure.
The closure will affect stores in Alabama, as well as 37 other states across the nation. The following Alabama locations are also expected to close:
- Birmingham – 1610 Montclair Road
- Birmingham – 5223 U.S. Highway 280
- Decatur – 2019 Sixth Avenue Southeast
- Dothan - 3114 Ross Clark Circle
- Gulf Shores – 1720 Gulf Shores Parkway
- Hoover – 1705 Montgomery Highway South
- Huntsville – 6275 University Drive NW
- Huntsville – 7900 Bailey Cove Road SE
- Mobile – 3051 Dauphin Street
Stay connected to the Tuscaloosa Thread for updates on future store closures, as well as other restaurant and retail developments happening in and around the Druid City.