DALLAS, Jan. 04, 2021 (GLOBE NEWSWIRE) -- Tuesday Morning and certain of its subsidiaries today announced that it has successfully completed its financial and operational reorganization and emerged from Chapter 11.
Tuesday Morning is supported by a $110 million asset-backed lending facility provided by J.P. Morgan, Wells Fargo, and Bank of America. The Company has further optimized its store footprint and is emerging with 490 of its best performing stores.
“We have emerged with a streamlined operating model, and are well-positioned to execute on our strategy,” stated Steve Becker, Chief Executive Officer. “I want to thank our associates, customers, vendors, creditors, and equity investors for their steadfast support that helped us get to this critical milestone. Tuesday Morning is poised for a bright future in the off-price home goods market and we look forward to continue serving our valued customers.”
“Tuesday Morning worked diligently with our advisors to craft a plan of reorganization that paid our vendor claims in full while protecting our shareholders. We are especially pleased that our plan of reorganization has attracted significant new institutional ownership while allowing our shareholders to participate in the upcoming $40 million rights offering,” continued Becker.
Court filings and other documents related to the court-supervised process are available at https://dm.epiq11.com/TuesdayMorning.
Tuesday Morning was advised in this process by Haynes and Boone, LLP as legal advisor, Miller Buckfire, a Stifel company, as financial advisor, and AlixPartners, LLP as restructuring advisor.
About Tuesday Morning
Tuesday Morning Corporation 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 490 stores in 40 states. More information and a list of store locations may be found on the Company’s website at www.tuesdaymorning.com.