Submitted by Anonymous (not verified) on Thu, 08/18/2022 - 2:39pm
Discount retailer Tuesday Morning is exploring restructuring options including what would potentially be its second bankruptcy filing in less than two years after the 2020 pandemic. Tuesday Morning has inked debt deals to give it breathing room, but has struggled amid inflation and supply chain labor shortages. Restructuring talks are in the early stages and could change, the people said.
Some of the company’s lenders agreed to advance a $5 million loan to the company last week, instead of in November, according to a regulatory filing. Tuesday Morning also entered a supply agreement with Gordon Brothers Retail Partners, a consultant company that customizes solutions to help companies maximize assets, minimize liabilities and extend the life cycle, with guaranteed outcomes.an affiliate of one of its lenders.
Tuesday Morning was among several retailers that filed for Chapter 11 bankruptcy in the early days of the pandemic, unable to survive lockdowns and rapidly shifting shopping habits. The company emerged from bankruptcy in January 2021 after cutting its debt and permanently closing nearly 200 stores. At the moment the retailer currently operates 490 stores in 40 states. Its stock has dropped 84% this year to trade around 30 cents a share.
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