(Bloomberg) -- Tuesday Morning Corp., the discount home-goods retailer, is discussing a potential bankruptcy filing after the pandemic shut down its stores, according to people with knowledge of the matter.No formal decisions have been made, but Tuesday Morning has held initial talks with lenders about a bankruptcy loan that would keep the company running while it works out a recovery plan, the people said. They asked not to be identified discussing a private matter.A representative for Dallas-based Tuesday Morning declined to comment. A Chapter 11 bankruptcy filing would allow the company to avoid a permanent shutdown, cut its borrowings and close weak stores to minimize costs.The situation remains fluid and plans could change, with the company still seeking alternative forms of financing, according to the people. The outcome could depend on market conditions and the outlook for when stores could re-open, the people said. This reflects the impact of the coronavirus, with sales suffering because government officials are telling shoppers to stay home and nonessential businesses to stay shut. Founded in 1974, Tuesday Morning is a national off-price retailer that specializes in home products, textiles, furnishings and other home goods. It has about 700 stores in 39 states, according to its website.Tuesday Morning temporarily closed its stores in response to the pandemic in March. Like other retailers, the company is bracing for a slump tied to the closures, but it’s especially vulnerable because all of its sales come at its stores; there’s no online outlet. It drew $55 million from its revolving credit facility as a precautionary measure to ride out the pandemic.Even before the closures, Tuesday Morning was experiencing troubles of its own. Sales at outlets open for at least a year fell 3% during the quarter ended Dec. 31, filings show. Tuesday Morning ended the quarter with $4.9 million in cash, down from $6.1 million a year earlier.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Tuesday Morning (TUES) delivered earnings and revenue surprises of -20.00% and -1.76%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
Home-furnishings retailer Tuesday Morning is seeking Chapter 11 protection from creditors due to the pandemic.
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Tuesday Morning (TUES) closed the most recent trading day at $1.87, moving +1.63% from the previous trading session.
Q2 2020 Tuesday Morning Corp Earnings Call
NEW YORK, NY / ACCESSWIRE / February 5, 2020 / Tuesday Morning Corp. (NASDAQ:TUES) will be discussing their earnings results in their 2020 Second Quarter Earnings to be held on February 5, 2020 at 9:00 ...
The Dallas-based company already had about 400 stores closed in compliance with state and local regulations. The retailer said it will follow guidance by the CDC and local and state officials when it decides when to reopen stores.
Higher freight costs and any deleverage in SG&A rate are likely to get reflected in Tuesday Morning's (TUES) margins in second-quarter fiscal 2020.
Tuesday Morning (TUES) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
A winning business model taking advantage of retail and macroeconomic headwinds Continue reading...
Shares of Tuesday Morning Corp. plunged 39% toward a record low in premarket trading Wednesday, after the discount home furnishings retailer said it has filed for bankruptcy, as the prolonged closure of its stores amid the COVID-19 pandemic created an "insurmountable financial hurdle." The company said it has obtained $100 million in debtor-in-possession financing so it can continue operations during the bankruptcy. The company said plans to permanently close about 230 of its 687 total stores, or 33%, as part of the reorganization. Tuesday Morning said it had initially closed all of its stores due to the pandemic, but has reopened about 80% of the stores, and over 7,300 employees have returned to work. The bankruptcy comes a little over a week after fellow retailer J.C. Penney filed for bankruptcy. The stock has plummeted 86.7% year to date through Tuesday, while the SPDR S&P Retail ETF has dropped 12.5% and the S&P 500 has shed 7.4%.
If you're interested in Tuesday Morning Corporation (NASDAQ:TUES), then you might want to consider its beta (a measure...
The number of deaths from the coronavirus that causes COVID-19 rose above 353,000 on Wednesday, as the World Health Organization said the Americas are at the center of the pandemic following surges in infections in Brazil, Peru, Chile and others in the past few days.
• Net sales were $324.4 million in Q2 fiscal 2020 • Comparable store sales decreased 3.0% versus a 1.9% increase in the prior year; comparable transactions increased 0.7%.
Tuesday Morning (TUES) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Tuesday Morning Corporation (NASDAQ:TUES), which is in the multiline retail business, and is based in United States...
DALLAS, Jan. 22, 2020 -- Tuesday Morning Corporation (NASDAQ: TUES), today announced that the Company will hold a conference call to discuss its second quarter fiscal 2020.
Tuesday Morning Corporation (TUES) today announced it will pursue financial and operational reorganization designed to allow the Company to reduce its outstanding liabilities and strengthen its overall financial position. To pursue this reorganization, Tuesday Morning filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas – Dallas Division. Ultimately, this process will provide Tuesday Morning with an opportunity to continue navigating the COVID-19 pandemic and emerge as a stronger company by early fall 2020.
Tuesday Morning (TUES) closed at $1.83 in the latest trading session, marking a +1.1% move from the prior day.