Via CNBC this morning, Thursday Morning, a discount retailer of home goods announced it is filing for Chapter 11 bankruptcy and closing 230 of its stores.
Tuesday Morning said it plans to permanently shut about 230 stores and exit Chapter 11 in the early fall with roughly 450 locations. It added that it plans to attempt to renegotiate a “significant” number of its existing leases with landlords during the restructuring process.
Thursday Morning is joining the ranks of J. Crew, Neiman Marcus, and J.C. Penny as COVID-19 ravages retail chains that were already on thin ice and only needed one small push to get them over the edge.
I’ve been to Thursday Morning a couple of times during my retail arbitrage days. They had good selection, most of the viable products fell into the home goods and kitchen categories. An observant shopper could readily find a healthy number of products to resell, there.
It’s disappointing to see, but not surprising. The same Thursday Morning I visited never had anyone else in it. I couldn’t ever help but wonder how much it was costing to keep the lights on for their influx of no customers.