The off-price home furnishings retailer has now exited Chapter 11 bankruptcy with new debt financing in place.
Tuesday Morning filed for bankruptcy in May and closed around 200 stores during the process, it now has around 490 stores across 40 states. The retailer now possesses new debt financing and a planned $44M right offering for shareholders.
Steve Becker, Chief Executive Officer, commented: “We have emerged with a streamlined oprating model, and are well-positioned to execute on our strategy. 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.”
The retailer is now supported by a $110M asset-backed lending facility that is provided by J.P. Morgan, Wells Fargo and Bank of America.
