Tuesday Morning Corporation

The firm represented the committee of equity holders in Tuesday Morning, a publicly traded company that filed for bankruptcy protection in the Northern District of Texas with immediate plans to close at least 133 underperforming store locations in the wake of the pandemic’s impact. Prior to the appointment of the equity committee, the debtors had filed both a plan of reorganization and a bidding-procedures motion to sell substantially all of their assets, with the stated intent to pivot toward one path or the other by October 2020. The equity committee regarded a reorganization as the only viable path to maximizing value for all constituents. Following a contested confirmation hearing, the judge confirmed Tuesday Morning’s reorganization plan and hailed the result as “wildly and surprisingly successful.”

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