Tuesday Morning Announces Bankruptcy! Tuesday Morning Corporation has announced that they will be closing approximately 230 of its 687 stores to focus on high-performing locations and will do this with a phased approach. They filed for bankruptcy on May 27, claiming immense strain that COVID-19 pandemic and related store closures have put on their business.
To enable the Company to continue operations during the reorganization process, the Company has obtained a commitment from its existing lender group to provide $100 million of debtor-in-possession (DIP) financing. As required by the DIP agreement, the Company is required to obtain a commitment for up to $25 million of additional financing, which the Company is negotiating.
Following the closure of the entire store portfolio as a result of COVID-19, Tuesday Morning has re-opened over 80% of its existing store footprint to date and expects to continue store re-openings and bringing associates back to work over the coming weeks.
Kiara says
My friend was super bummed about this