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Tuesday Morning Files For Chapter 11 Bankruptcy Protection - Quick Facts

(RTTNews) - Off-price retailer Tuesday Morning Corp. (TUES) on Wednesday filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code in the U. S. Bankruptcy Court for the Northern District of Texas, Dallas Division. It plans to emerge as a stronger company by early fall 2020.

The company said it will pursue financial and operational reorganization designed to allow it to reduce its outstanding liabilities and strengthen its overall financial position.

These actions are in response to the immense strain the COVID-19 pandemic and related store closures have put on the business.

Haynes and Boone, LLP is serving as legal advisor, Miller Buckfire, a Stifel company, is serving as financial advisor, and AlixPartners, LLP is serving as restructuring advisor to Tuesday Morning.

To enable the company to continue operations during the reorganization process, it has obtained a commitment from its existing lender group to provide $100 million of debtor-in-possession (DIP) financing.
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