Tuesday Morning sells property as part of reorganization

Tuesday Morning Corp. has filed a reorganization plan that includes the sale of real estate in its Dallas home town.   

The off-pricer sold its headquarters and three local warehouses for $60 million to Miami-based Rialto Capital as part of its Chapter 11 restructuring, reported the Dallas Morning News, with plans to lease back the buildings. The cash from the sale will allow Tuesday Morning to pay its vendors. 

Tuesday Morning filed for bankruptcy in May, with plans to permanently close about 230 of its 687 stores nationwide.

The retailer, which has entered into a new $110 million credit agreement with a group of banks, plans to emerge from bankruptcy in December, with about 450 locations, according to the Dallas Morning News. It will remain a publicly traded company.