DALLAS, March 26, 2020 (GLOBE NEWSWIRE) -- Tuesday Morning Corporation (NASDAQ: TUES) today announced that it temporarily closed all of its 687 stores across the country at 5 p.m. local time yesterday. Prior to yesterday’s closings, Tuesday Morning had approximately 400 stores closed in compliance with state and local regulations. The Company will follow the guidance provided by the Centers for Disease Control and Prevention, as well as local and state government officials, when making decisions to reopen stores.
Steve Becker, Chief Executive Officer, stated, “The health of our associates and customers is our top priority. We have communicated with our associates on how we intend to support them at this time. We are also aggressively managing our overall cost structure and capital outlay during this period, even as we work to ensure we are ready to reopen our stores and service our customers on short notice.”
In addition, the Company elected to draw down $55 million from its secured revolving credit facility to provide additional liquidity and has approximately $91 million currently outstanding under the revolving credit agreement.
Given the complexity and rapidly evolving nature of the situation created by the COVID-19 pandemic, the Company will work to maintain its flexibility and may change its plans in response. The COVID-19 pandemic is having a material impact on the Company and our industry, and may further materially impact our operations, business plans, liquidity, financial condition and results of operations.
About Tuesday Morning
Tuesday Morning Corporation (NASDAQ: TUES) is one of the original off-price retailers specializing in name-brand, high-quality products for the home, including upscale home textiles, home furnishings, housewares, gourmet food, toys and seasonal décor, at prices generally below those found in boutique, specialty and department stores, catalogs and on-line retailers. Based in Dallas, Texas, the Company opened its first store in 1974 and currently operates 687 stores in 39 states. More information and a list of store locations may be found on the Company’s website at www.tuesdaymorning.com.
