Shareholders of Dallas-based Tuesday Morning Corp. may be in the rare situation of owning some of the retailer after its expected exit from bankruptcy this fall.
Tuesday Morning, a retailer of gifts and home closeouts founded in 1974, filed for bankruptcy May 27 after all of its 700 stores were closed by the pandemic and it had no e-commerce business to make up any of the lost revenue.
U.S. Bankruptcy Court Judge Harlin DeWayne Hale on Friday approved the creation of a committee of equity security holders after denying the request twice before.
The Dallas judge said in his order that he now has “greater confidence that there is a substantial likelihood that equity will receive a meaningful distribution.”
Tuesday Morning stores have performed well since reopening, along with other retailers that sell home furnishings as Americans reacted to the pandemic by sprucing up their homes. Plus, the retailer has