Retailer Tuesday Morning to shut greater than half its shops following chapter

Troubled low cost home-goods retailer Tuesday Morning Corp. will shut greater than half its places nationwide after submitting for Chapter 11 chapter safety for the second time in three years.

The firm filed for chapter on Feb. 14, with Chief Executive Andrew Berger citing “exceedingly burdensome debt.” The firm mentioned it has secured a $51.5 million debtor-in-possession dedication from Invictus Global Management.

“We have determined that the best path to reorganizing and transforming the company begins with a Chapter 11 filing,” Berger mentioned in an announcement. “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.”

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Tuesday Morning mentioned it at the moment operates 487 shops in 40 states, and it employed about 1,600 full-time and 4,700 part-time employees in response to its most up-to-date 10-Ok submitting.

The firm mentioned the 263 shops focused for closure are largely in “low-traffic regions.”

“The company believes this targeted approach to winding down unprofitable and underperforming stores will position Tuesday Morning to emerge from bankruptcy with a profitable, cash-generating store fleet that serves its most engaged and loyal customers,” Tuesday morning mentioned in an announcement.

The Dallas-based retailer beforehand filed for Chapter 11 in May 2020, within the early days of the pandemic, and closed greater than 200 of its shops then.

In November, Tuesday Morning introduced a 1-for-30 reverse inventory cut up and changed its CEO, chief working officer and chief service provider, and in December, the corporate mentioned it deliberate to delist its shares from the Nasdaq Capital Market because it plans to show personal by September.

Tuesday Morning shares
have collapsed over the previous 12 months, falling 99%, and have sunk 36% 12 months thus far.

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