Tuesday Morning Successfully Completes Restructuring Process

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Tuesday Morning Successfully Completes Restructuring Process



Tuesday Morning Efficiently Completes Restructuring Course of

Emerges with extra centered, streamlined enterprise
Further liquidity helps long-term development
Effectively-positioned to serve clients as a number one off-price residence items retailer

DALLAS, Jan. 04, 2021 (GLOBE NEWSWIRE) — Tuesday Morning and sure of its subsidiaries (collectively “Tuesday Morning” or the “Firm”) at this time introduced that it has efficiently accomplished its monetary and operational reorganization and emerged from Chapter 11.

Tuesday Morning is supported by a $110 million asset-backed lending facility supplied by J.P. Morgan, Wells Fargo, and Financial institution of America. The Firm has additional optimized its retailer footprint and is rising with 490 of its greatest performing shops.

“We have now emerged with a streamlined working mannequin, and are well-positioned to execute on our technique,” said Steve Becker, Chief Govt Officer. “I wish to thank our associates, clients, distributors, collectors, and fairness buyers for his or her steadfast assist that helped us get to this crucial milestone. Tuesday Morning is poised for a vibrant future within the off-price residence items market and we stay up for proceed serving our valued clients.”

“Tuesday Morning labored diligently with our advisors to craft a plan of reorganization that paid our vendor claims in full whereas defending our shareholders.  We’re particularly happy that our plan of reorganization has attracted vital new institutional possession whereas permitting our shareholders to take part within the upcoming $40 million rights providing,” continued Becker.

Courtroom filings and different paperwork associated to the court-supervised course of can be found at https://dm.epiq11.com/TuesdayMorning.

Tuesday Morning was suggested on this course of by Haynes and Boone, LLP as authorized advisor, Miller Buckfire, a Stifel firm, as monetary advisor, and AlixPartners, LLP as restructuring advisor.

About Tuesday Morning

Tuesday Morning Company is without doubt one of the authentic off-price retailers specializing in name-brand, high-quality merchandise for the house, together with upscale residence textiles, residence furnishings, housewares, connoisseur meals, toys and seasonal décor, at costs typically beneath these present in boutique, specialty and shops, catalogs and on-line retailers.  Based mostly in Dallas, Texas, the Firm opened its first retailer in 1974 and at present operates 490 shops in 40 states.  Extra data and an inventory of retailer places could also be discovered on the Firm’s web site at www.tuesdaymorning.com.

Cautionary Assertion Concerning Ahead-Trying Statements

This press launch accommodates forward-looking statements throughout the which means of the federal securities legal guidelines and the Personal Securities Litigation Reform Act of 1995, that are based mostly on administration’s present expectations, estimates and projections. Ahead trying statements additionally embrace statements relating to the Firm’s plans with respect to the emergence from its Chapter 11 proceedings, the Firm’s liquidity and capital construction following emergence, and different statements relating to the Firm’s future operations, efficiency and prospects. These forward-looking statements are topic to dangers and uncertainties that would trigger the Firm’s precise outcomes to vary materially from the expectations expressed within the Firm’s forward-looking statements. These dangers, uncertainties and occasions additionally embrace, however usually are not restricted to, the next: the Firm’s means to finish its proposed rights providing; the consequences and size of the novel coronavirus pandemic; adjustments in financial and political circumstances which can adversely have an effect on client spending; our means to determine and reply to adjustments in client traits and preferences; our means to mitigate reductions of buyer visitors in purchasing facilities the place our shops are situated; our means to repeatedly entice shopping for alternatives for off-price merchandise and anticipate client demand; our means to acquire merchandise on various cost phrases; our means to efficiently handle our stock balances profitably; our means to successfully handle our provide chain operations; lack of, disruption in operations of, or elevated prices within the operation of our distribution heart facility; unplanned loss or departure of a number of members of our senior administration or different key administration; elevated or new competitors; our means to take care of and shield our data know-how techniques and applied sciences and associated enhancements to assist our development; will increase in gasoline costs and adjustments in transportation business laws or circumstances; will increase in the price or a disruption within the movement of our imported merchandise; adjustments in federal tax coverage together with tariffs; the success of our advertising and marketing, promoting and promotional efforts; our means to draw, practice and retain high quality staff in acceptable numbers, together with key staff and administration; elevated variability because of seasonal and quarterly fluctuations; our means to guard the safety of details about our enterprise and our clients, suppliers, enterprise companions and staff; our means to adjust to current, altering and new authorities laws; our means to handle danger to our company status from our clients, staff and different third events; our means to handle litigation dangers from our clients, staff and different third events; our means to handle the chance related to product legal responsibility claims and product recollects; the impression of opposed native circumstances, pure disasters or different occasions; our means to handle the detrimental results of stock shrinkage; our means to handle sudden prices associated to our insurance coverage applications; elevated prices or publicity to fraud or theft ensuing from cost card business associated dangers and laws; our means to take care of an efficient system of inner controls over monetary reporting; impacts from the delisting of our frequent inventory from the Nasdaq Inventory Market; and the opposite elements listed within the Firm’s filings with the Securities and Change Fee.

Besides as could also be required by regulation, the Firm disclaims any obligation to replace any forward-looking statements to replicate occasions or circumstances after the date on which the statements have been made or to replicate the prevalence of unanticipated occasions. Traders are cautioned to not place undue reliance on any forward-looking statements.

MEDIA:

Jonathan Morgan
Kekst CNC
[email protected]
212.333.5525

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