Tuesday Morning emerged from chapter 11 protection, it announced yesterday, with financial backing from J.P. Morgan, Wells Fargo, and Bank of America, the Dallas Business Journal reported. The Dallas-based off-price home goods retailer filed for bankruptcy in May due to challenges from the COVID-19 pandemic. The ascent from chapter 11 is possible with a $110 million asset-backed lending facility provided by J.P. Morgan, Wells Fargo, and Bank of America, according to a release. “We have emerged with a streamlined operating model, and are well-positioned to execute on our strategy,” said CEO Steve Becker in a prepared statement. The release said that the additional liquidity will support Tuesday Morning’s ongoing operations and strategic initiatives. At the time it filed for bankruptcy, it had 687 stores that it planned to close in phases to help deal with the fallout from the lockdown. It’s emerging with 490 of its best-performing stores.
