Troubled discount home-goods retailer Tuesday Morning Corp. will close more than half its locations nationwide after filing for chapter 11 protection for the second time in three years, MarketWatch.com reported. The company filed for bankruptcy on Feb. 14, with Chief Executive Andrew Berger citing “exceedingly burdensome debt.” The company said it has secured a $51.5 million debtor-in-possession commitment from Invictus Global Management. “We have determined that the best path to reorganizing and transforming the company begins with a chapter 11 filing,” Berger said in a statement. “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.” Tuesday Morning said that it currently operates 487 stores in 40 states, and it employed about 1,600 full-time and 4,700 part-time workers, according to its most recent 10-K filing. The company said that the 263 stores targeted for closure are largely in “low-traffic regions.”
