"The complete halt of store operations for two months put the Company in a financial position that can be effectively addressed only through a reorganization in Chapter 11," he said. Could this be the cure to our plastic problem? as well as other partner offers and accept our, Visit Business Insider's homepage for more stories, These 15 retailers and restaurant chains have filed for bankruptcy or liquidation in 2020. Founded in 1974, Tuesday Morning is a national off-price retailer that specializes in home products, textiles, furnishings and other home goods. "The complete halt of store operations for two months put the company in a financial position that can be effectively addressed only through a reorganization in Chapter 11," he said in a statement. A dozen Texas stores are in that first batch of closings: at 9384 N. Central Expressway in Dallas; 104 North Murphy Road in Murphy; 819 Arapaho Road and 1750 E. Belt Line Road in Richardson; 3401 W. Airport Frwy. Off-price retailer holds talks with lenders about financing, Company’s outlets are shuttered, and there’s no online channel. That credit line was reduced to $130 million while stores were temporarily closed. Prior to yesterday’s closings, Tuesday Morning had approximately 400 stores closed in. Discover new, closeout deals each week and enjoy bringing home more of what you love. Find a Tuesday Morning near you. Depends on your perspective, Dallas-based Studio Movie Grill files bankruptcy, citing ‘unparalleled impact from COVID-19’, Joe Buck says comments about military flyover were misrepresented, and whoever leaked audio ‘will get found out’, These North Texas suburbs are among the ‘best small cities’ in America, study finds, These North Texas entrepreneurs are among Forbes’ richest self-made women, Navidad en Grapevine: Viaje en el tren North Pole Express, un paseo por Grapevine Vintage Railroad. That may be true in Texas and throughout the Southeast, but the company operated in 39 states. Here’s how, Are older people taking over, disappearing or invisible? Tuesday Morning will continue to do business throughout the process and beyond. Earlier this month, the retailer’s bank, J. P. Morgan Chase, told the company to hire financial advisers. As part of its Chapter 11 bankruptcy filing, Tuesday Morning will close about 230 of its nearly 700 stores. Tuesday Morning CEO Steven Becker said in a statement that before the pandemic, the retailer’s balance sheet was conservative, with only $3.6 million drawn on its $180 million credit line. Guthrie to Trump: You're the President, you're not some crazy uncle! Through a Chapter 11 filing, Tuesday Morning would avoid liquidation, reduce its loan amounts, and close underperforming stores to help reduce its overall costs, the news outlet said. “Although the pandemic has been a challenging time, we’re well-positioned going forward,” Becker said in an emailed statement. Store Locator.