Tuesday Morning on the hunt for a buyer
Tuesday Morning is actively seeking bids for its assets.
The off-price home goods retailer filed for bankruptcy in May, with plans to close about 230 of its 687 stores as part of the reorganization. But according to court papers, Tuesday Morning is now pinning its hopes on finding a buyer, although reorganization remains an option.
The company has set a bid deadline of Oct. 19, with an auction on Oct. 21 if multiple bids are received.
A hearing to consider the approval of a sale is scheduled for Oct. 29. (According to court papers, Tuesday Morning has until Oct. 26 to opt to pursue a plan of reorganization instead of a sale.)
In a statement at the time of the filing, Tuesday Morning CEO Steven Becker said that the company was planning to emerge from Chapter 11 “in a stronger position as a leading home goods off-price retailer, providing unmatched value to our customers.”
“The commitment from our lenders to provide access to significant capital demonstrates faith in our value-driven business model and iconic brand,” he said.